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May 19, 2023
Tezos slides down from $0.9 to $0.89 today, losing $0.01 (1.16%).
On the flip side, United States Initial Jobless Claims came out at 242,000, better than analyst estimates of 254,000 and improving upon the previous reading of 264,000.
Amid the market gloom, United States Existing Home Sales (Apr) released yesterday at 14:00 UTC with a figure of 4.28 million, while the previous figure was 4.43 million. United States Philadelphia Fed Manufacturing Index (May) came out at -10.4, while a consensus of analysts was expecting -19.8.
Despite being in the red so far in the current trading session, Tezos USD peaked above its 10 day Simple Moving Average around $0.9 — typically an early indicator of a new bullish trend beginning to emerge. Bollinger Bands® shows an indication of recovery: the lower band is at $0.839, a low enough level to, generally, suggest that Tezos is trading below its fair value. Tezos could begin to recover as it approaches significant support, now 1 cents away from $0.888. Dipping below could be an indication that further losses are ahead.
Technical analysis shows that Tezos (currently on a downtrend) might reverse course and start going up in the short term.
In the meantime, negative performances are also seen in other markets, UNICORN Token USD retreats 2.98% to trade around $6.43.
Positive performances can be seen by looking at other markets as FTX Token is up 9.54%. Litecoin is up 1.87%.
Furthermore, United States Fed Chair Powell speech scheduled to come out today at 15:00 UTC.
Pointing downwards for around 2 months. Tezos is now trading 59.53% below the significant high of $2.23 it set around 11 months ago.
