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April 07, 2023
As the current session draws to a close, Tezos remains in the $1.09 – $1.14 range after dropping 2.98%.
United States Non Farm Payrolls published today at 12:30 UTC came out at 236,000, falling short of the 239,000 projections and continuing its decline from the previous 326,000 figure. United States Initial Jobless Claims released earlier showed a marked improvement to 228,000 from the preceding data of 246,000, but fell short of the 200,000 figure forecast by a consensus of market analysts.
In contrast, positive data for Tezos reported earlier when United States Unemployment Rate came out at 3.5, better than analyst estimates of 3.6 and improving upon the previous reading of 3.6.
Tezos USD made an initial break below its 200 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 $1.09 currently serving as support. If price action breaks below, the next Fib hurdle is $1.05. Tezos's upper Bollinger Band® is at $1.17 which indicates a further downward move may follow. In contrast, Tezos could begin to recover as it approaches significant support, now 3 cents away from $1.08. Dipping below could be an indication that further losses are ahead.
Overall, looking at the technical analysis landscape, it seems Tezos is likely to continue pointing down in the short term.
In the meantime, negative performances are also seen in other markets, after ending today's session at $0.085, Dogecoin lost $0.003 and is trading around $0.083.
Other assets are showing positive performances as FTX Token leaps up 9.54% to trade around $1.36. Having closed the previous session at $0.503, Ripple is up 2.12% today to currently trade at around $0.514.
Trading mostly sideways for 30 days. Over the past 11 months, Tezos has retreated 65.39% from a noteworthy peak of $3.28.
