Tezos set for weak finish today; down 1.59% to $1 with a hour before close

Tezos slides down from $1.03 to $1 today, losing $0.031 (1.59%).

Following a previous reading of 0.8%, Pending Home Sales in United States released yesterday at 14:00 UTC fell short of the 0.5% figure expected by analysts with an actual reading of -5.2%. GDP in United States fell short of market expectations (two) with a reading of 1.1, continuing the decline from the previous figure of 2.6.

Amid the market gloom, United States Core PCE Price Index (MoM) (Mar) came out at 0.3, while a consensus of analysts was expecting 0.3.

Following today's trading session, chart analysis suggests Tezos USD could begin to recover as it approaches significant support, now 1 cents away from $1. Dipping below could be an indication that further losses are ahead. Trend-focused traders would be interested to note that Tezos made an initial break below its 10 day Simple Moving Average at $1.03, a possible indication of a forthcoming negative trend. Asset volatility analysis shows that Tezos's lower Bollinger Band® is at $0.944, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.

Overall, the technical outlook suggests Tezos is likely to remain muted for the immediate future, with no clear-cut direction.

Positive performances can be seen by looking at other markets as FTX Token is up 9.54%. Having closed the previous session at $22.35, Solana is up 4.24% today to currently trade at around $23.29. Ripple is up 2.44%.

Pointing downwards for around a month. Tezos has fallen back around 61.83% from the significant high of $2.7 set 11 months ago.