Tezos is trading around $0.781, down by $0.024 (2.98%)

Tezos drops from $0.805 to $0.781, losing $0.024 (2.98%) today.

United States Fed Chair Powell speech is next today at 13:30 UTC.

On the flip side, highly important Consumer Confidence data from United States beat analyst expectations of 104 with a reading of 109.7. United States Core Durable Goods Orders beat analyst expectations of -0.1% and the previous reading of -0.6% with new data of 0.6%.

While price action maintains a negative bias, United States New Home Sales (May) came out at 763,000, while a consensus of analysts was expecting 675,000.

Tezos USD made an initial break below its 10 day Simple Moving Average at $0.786, a possible indication of a forthcoming negative trend. Having stamped out a session range of $0.781 to $0.805, Fibonacci-inclined Tezos traders were highly concentrated around active Fibonacci support at $0.8. Tezos's upper Bollinger Band® is at $0.834 which indicates a further downward move may follow. Tezos fell below the $0.8 support zone and moved 2 cents beyond it; the next level of support with significant buyer interest is estimated at $0.792.

Following today's unexpected losses, extensive multifactorial technical analysis forecasts Tezos to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the Tezos is expected to attract significant bearish sentiment in the coming days.

In the meantime, negative performances are also seen in other markets, Algorand USD is down $0.008 from the beginning of the session and now trades around $0.119. Cardano is down $0.014 from the beginning of the session and now trades around $0.272.

Other assets are showing positive performances as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36.

Looking ahead, ongoing depreciation may be prolonged as tomorrow at 12:30 UTC data for United States GDP will be released, with an expected decline to 1.4 from the preceding figure of 2.6. Tomorrow at 12:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 266,000 from the preceding figure of 264,000.

Some optimism can drawn from the fact that United States Crude Oil Inventories is projected to outperform its last figure with -1.76 million. It previously stood at -3.83 million; data will be released today at 14:30 UTC.

Trending downwards for around 3 months. Over the past 10 months, Tezos has retreated 58.18% from a noteworthy peak of $1.93.