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February 25, 2023
Tezos is grinding lower from $1.24 to $1.22, shedding $0.017 (1.41%) today.
While price action maintains a negative bias, United States New Home Sales (Jan) released yesterday at 15:00 UTC with a figure of 670,000, while the previous figure was 625,000. United States Core PCE Price Index (MoM) (Jan) came out at 0.6, while a consensus of analysts was expecting 0.4. United States CFTC S&P 500 speculative net positions released yesterday at 20:30 UTC with a figure of -222,300, while the previous figure was -209,000.
Tezos USD made an initial break below its 200 day Simple Moving Average at $1.23, a possible indication of a forthcoming negative trend. Tezos's upper Bollinger Band® is at $1.34 which indicates a further downward move may follow. On the other hand, note that Tezos could begin to recover as it approaches significant support, now 2 cents away from $1.2. Dipping below could be an indication that further losses are ahead.
Overall, looking at the technical analysis landscape, it seems Tezos is likely to start pointing downward in the short term.
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. TRON is up 1.14%. Bitcoin Cash gained 1.12% and is currently trading at $134.25.
Registering some good gains for about a month now. Tezos has gained 71.25% since its lowest print of $0.715 earlier this year.
