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March 04, 2023
Tezos drops from $1.15 to $1.11, losing $0.034 (3%) today.
While price action maintains a negative bias, United States ISM Non-Manufacturing PMI (Feb) released yesterday at 15:00 UTC with a figure of 55.1, while the previous figure was 55.2. United States CFTC Crude Oil speculative net positions came out at 224,200. United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 128,800, while the previous figure was 160,300.
Following today's trading session, chart analysis suggests Tezos USD could begin to recover as it approaches significant support, now 3 cents away from $1.09. Dipping below could be an indication that further losses are ahead. Trend and momentum analysis indicates that Tezos made an initial break below its 50 day Simple Moving Average at $1.12, a possible indication of a forthcoming negative trend. Tezos bounced $0.014 away from Fibonacci support at $1.1. Analysis based on the asset volatility indicates that Tezos's lower Bollinger Band® is at $1.04, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Overall, while Tezos has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
In the meantime, negative performances are also seen in other markets, EOS is trading around $1.22 (down $0.095). Dogecoin closed at $0.074 (down 3.17%).
Other assets are showing positive performances as FTX Token is up 9.54%.
Tezos is now trading 71.66% below the significant high of $4.04 it set around 10 months ago.
