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March 08, 2023
As the current session draws to a close, Tezos remains in the $1.05 – $1.11 range after dropping 5.42%.
United States's Crude Oil Inventories new data released of -1.69 million below its previous figure.
Crude Oil Inventories in United States fell short of market expectations (395,000) with a reading of -1.69 million, continuing the decline from the previous figure of 1.17 million.
Meanwhile, United States JOLTs Job Openings (Jan) came out at 10.82 million, while a consensus of analysts was expecting 10.5 million. United States ADP Nonfarm Employment Change (Feb) released today at 13:15 UTC with a figure of 242,000, while the previous figure was 119,000.
As the trading day comes to an end, chart analysis indicates Tezos USD fell below the $1.09 support zone and moved 4 cents beyond it; the next level of support with significant buyer interest is estimated at $1.08. Concerning technical analysis and more specifically, trend indicators, 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. After descending below strong Fibonacci support at $1.1, market bears have earmarked $1.03 as the next downside target. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at $1.04, a low enough level to, generally, suggest that Tezos is trading below its fair value.
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 $20.28, Solana lost $1.6 and is trading around $18.67. After ending today's session at $0.218, Algorand USD lost $0.013 and is trading around $0.204.
Positive performances can be seen by looking at other markets as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Initial Jobless Claims expected to decline to 195,000 while its preceding data was 190,000, data will be available tomorrow at 13:30 UTC.
Having set a significant high of $4.04 11 months ago, Tezos is trading 72.51% lower.
