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March 11, 2023
After closing at $1 today, Tezos opened today at $1, to be greeted by bearish sentiment that overshadowing today's price action. Irrespective of the bearish mood, Tezos retains a distinct $0.969 to $1.03 daily range.
United States Unemployment Rate published yesterday at 13:30 UTC came out at 3.6, falling short of the 3.4 projections and continuing its decline from the previous 3.4 figure.
Nonetheless, encouraging indicators for Tezos published earlier when data for United States Non Farm Payrolls released yesterday at 13:30 UTC is better than expected with 311,000, but worse than previous figure of 504,000.
While price action maintains a negative bias, United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 107,100, while the previous figure was 128,800.
Tezos USD made an initial break below its 3 day Simple Moving Average at $1, a possible indication of a forthcoming negative trend. Despite this, Tezos's lower Bollinger Band® is at $0.913, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Tezos could begin to recover as it approaches significant support, now 3 cents away from $0.95. Dipping below could be an indication that further losses are ahead.
In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for Tezos.
In the meantime, negative performances are also seen in other markets, EOS is trading around $1 (down $0.045).
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. TRON is up 2.87%.
Tezos has fallen back around 74.93% from the significant high of $4.04 set 11 months ago.
