Tezos withdraws $0.023 following previous session close at $1.12

Tezos is range-bound between $1.08 and $1.12 today after shedding $0.023 and closing at $1.12 today.

United States Core Consumer Prices is next today at 12:30 UTC.

Meanwhile, United States API Weekly Crude Oil Stock came out at 377,000, while a consensus of analysts was expecting -1.3 million. United States 3-Year Note Auction released yesterday at 17:00 UTC with a figure of 3.81, while the previous figure was 4.635.

Tezos USD made an initial break below its 200 day Simple Moving Average at $1.12, 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 $1.15 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 1 cents away from $1.11. 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.

In the meantime, negative performances are also seen in other markets, after ending today's session at $0.066, TRON lost $0.003 and is trading around $0.064. Dogecoin closed at $0.082 (down 2.84%).

Positive performances can be seen by looking at other markets as FTX Token is up 9.54%.

Some optimism can drawn from the fact that United States Producer Price Index is projected to outperform its last figure with 0.1%. It previously stood at -0.1%; data will be released tomorrow at 12:30 UTC. United States Crude Oil Inventories is projected to outperform its last figure with -583,000, having previously been at -3.74 million. The figure will be published today at 14:30 UTC.

Furthermore, United States Consumer Price Index is expected today at 12:30 UTC.

Registering some good gains for about a month now. Having soared to a high of $3.28 approximately 11 months ago, Tezos is now trading 66% lower.