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June 07, 2023
Trading lower, Tezos is currently down $0.008 as it ranges between $0.871 and $0.88 so far today.
Amid the market gloom, United States API Weekly Crude Oil Stock came out at -1.71 million, while a consensus of analysts was expecting 1.5 million.
Tezos USD made an initial break below its 3 day Simple Moving Average at $0.877, a possible indication of a forthcoming negative trend. Tezos's upper Bollinger Band® is at $0.938 which indicates a further downward move may follow. On the other hand, note that Tezos could begin to recover as it approaches significant support, now 2 cents away from $0.856. Dipping below could be an indication that further losses are ahead.
In the short term, Tezos is expected to maintain its recent downtrend and continue spiralling lower.
In the meantime, negative performances are also seen in other markets, UNICORN Token USD is down $0.197 from the beginning of the session and now trades around $6.43. Cardano closed at $0.347 (down 1.43%).
Other assets are showing positive performances as FTX Token is up 9.54%.
Looking ahead, ongoing depreciation may be prolonged as United States Crude Oil Inventories expected to decline to 1.15 million while its preceding data was 4.49 million, data will be available today at 14:30 UTC. Projections for United States Initial Jobless Claims are set for a continuation of decline with 238,000 while previous data was 232,000; data will be released tomorrow at 12:30 UTC.
Trending downwards for around 2 months. Over the past 11 months, Tezos has retreated 60.5% from a noteworthy peak of $2.23.
