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March 07, 2023
Tezos is grinding lower from $1.14 to $1.1, shedding $0.04 (3.5%) today.
Tezos is currently trading at $1.1 following the release of EIA Short-Term Energy Outlook data from the United States.
Amid the market gloom, United States 3-Year Note Auction released today at 18:00 UTC with a figure of 4.635, while the previous figure was 4.073. Data for United States Factory Orders released yesterday at 15:00 UTC is better than expected with -1.6%, but worse than previous figure of 1.7%.
Technical analysis trend indicators suggest that Tezos USD made an initial break below its 50 day Simple Moving Average at $1.13, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $1.1 currently serving as support. If price action breaks below, the next Fib hurdle is $1.03. According to asset volatility analysis, Bollinger Bands® shows an indication of recovery: the lower band is at $1.05, a low enough level to, generally, suggest that Tezos is trading below its fair value. As the trading day comes to an end, chart analysis indicates Tezos is currently alternating around $1.13 with price action moving above and below this key level throughout the session.
All in all, the technical analysis suggests Tezos has no clear-cut direction.
In the meantime, negative performances are also seen in other markets, after ending today's session at $0.226, Algorand USD lost $0.011 and is trading around $0.215.
Positive performances can be seen by looking at other markets as FTX Token gained 9.54% and is currently trading at $1.36. Ripple is up 3.37% to $0.383.
Looking ahead, ongoing depreciation may be prolonged as tomorrow at 15:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to -308,000 from the preceding figure of 1.17 million.
Furthermore, United States ADP Nonfarm Employment Change (Feb) will be released tomorrow at 13:15 UTC. United States JOLTs Job Openings (Jan) is expected tomorrow at 15:00 UTC.
Having soared to a high of $4.04 approximately 11 months ago, Tezos is now trading 71.82% lower.
