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June 10, 2023
After closing Thursday at $0.827, Tezos dropped to $0.693 today, hitting its lowest point in 5 months during today's session. It later recovered $0.029 and is now trading at $0.722.
Meanwhile, United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 172,400, while the previous figure was 162,600. United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 175,600, while the previous figure was 169,300. United States CFTC Nasdaq 100 speculative net positions released yesterday at 20:30 UTC with a figure of 8,800, while the previous figure was 8,500.
Tezos USD broke through the $0.818 support line and dropped 10 cents below it. The Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Tezos formed a session range of $0.693 to $0.827 leaving buyers and sellers highly concentrated around an active Fibonacci support level of $0.803. Tezos has just crossed the lower Bollinger Band® at $0.78, indicating further losses could be forthcoming. In contrast, the RSI is a momentum oscillator that measures changing price movements on a scale of 0-100. In Tezos's case, the index has fallen below 30, signalling that the asset is oversold.
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, Litecoin closed at $76.97 (down 13.77%). Dogecoin dips 11.36% to trade around $0.062. Avalanche is trading around $11.6 (down $2.16).
Trending downwards for around 2 months. Since its 52-week high of $1.97, Tezos has lost 58.04% over the last twelve months.
