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June 22, 2023After closing at $0.775 today, Tezos opened today at $0.775, to be greeted by bearish sentiment that overshadowing today's price action. Irrespective of the bearish mood, Tezos retains a distinct $0.764 to $0.796 daily range.
United States's Crude Oil Inventories new data released of -3.83 million below its previous figure.
Highly important Crude Oil Inventories data from United States beat analyst expectations of 1.87 million with a reading of -3.83 million. New United States Initial Jobless Claims data fell short of the 260,000 projected by analysts with a reading of 264,000 while failing to improve upon the previous reading from last month (264,000).
Amid the market gloom, United States Existing Home Sales (May) came out at 4.3 million, while a consensus of analysts was expecting 4.25 million.
Despite being in the red so far in the current trading session, Tezos USD peaked above its 21 day Simple Moving Average around $0.79 — typically an early indicator of a new bullish trend beginning to emerge. Tezos could begin to recover as it approaches significant support, now 1 cents away from $0.76. Dipping below could be an indication that further losses are ahead.
Despite suffering losses in today's session, technical analysis is indicating that Tezos will undergo a significant bounce in the immediate term.
In the meantime, negative performances are also seen in other markets, Binance Coin retreats 3.03% to trade around $241.46. Solana descends 3.17% to trade around $16.71.
Other assets are showing positive performances as FTX Token is up 9.54% to $1.36.
Furthermore, United States Services PMI figure is projected at 54. It previously stood at 54.9; data will be released tomorrow at 13:45 UTC.
Pointing downwards for around 3 months. Tezos has shed 33.76% over the past three months.
