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May 11, 2023
Tezos is grinding lower from $0.916 to $0.911, shedding $0.005 (0.58%) today.
On the flip side, highly important Crude Oil Inventories data from United States beat analyst expectations of -917,000 with a reading of 2.95 million.
Amid the market gloom, United States Consumer Price Index came out at 4.9%, while a consensus of analysts was expecting 5%. United States Core Consumer Prices released yesterday at 12:30 UTC with a figure of 0.4%, while the previous figure was 0.4%.
Tezos USD made an initial break below its 3 day Simple Moving Average at $0.906, a possible indication of a forthcoming negative trend. Despite this, Tezos could begin to recover as it approaches significant support, now 2 cents away from $0.893. Dipping below could be an indication that further losses are ahead. Bollinger Bands® shows an indication of recovery: the lower band is at $0.898, a low enough level to, generally, suggest that Tezos is trading below its fair value.
Overall, looking at the technical analysis landscape, it seems that although indicators are mixed and some are pointing in different directions further drawbacks may be next for Tezos.
In the meantime, negative performances are also seen in other markets, UNICORN Token USD is down to $6.43, losing $0.197, after closing at $6.63 in the preceding trading session. After ending today's session at $1.66, NEAR Protocol lost $0.038 and is trading around $1.62.
Positive performances can be seen by looking at other markets as FTX Token gained 9.54% and is now trading at $1.36.
Looking ahead, ongoing depreciation may be prolonged as United States Initial Jobless Claims expected to decline to 245,000 while its preceding data was 242,000, data will be available today at 12:30 UTC.
Moreover, United States Producer Price Index is projected to outperform its last figure with 0.3%. It previously stood at -0.5%; data will be released today at 12:30 UTC.
Pointing downwards for around a month. Approximately 11 months ago, Tezos reached a significant high of $2.23 but has struggled to hold onto its gains and declined 58.83% since then.
