In a range-bound session favoring short positions, Tezos remains constrained in a $0.984 to $1 range and is currently trading close to $0.984.
Non Farm Payrolls data from United States will be released today at 13:30 UTC with analysts expecting a decline to 205,000. Potentially significant price fluctuations in Tezos are expected to follow.
Initial Jobless Claims in United States fell short of market expectations (195,000) with a reading of 211,000, continuing the decline from the previous figure of 190,000.
Despite being in the red so far in the current trading session, Tezos USD peaked above its 3 day Simple Moving Average around $1.06 — typically an early indicator of a new bullish trend beginning to emerge. Bollinger Bands® shows an indication of recovery: the lower band is at $0.949, 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 4 cents away from $0.939. Dipping below could be an indication that further losses are ahead.
Overall, looking at the technical analysis landscape, although technical indicators are mixed and pointing in different directions, it seems Tezos is set to appreciate despite today's setback.
In the meantime, negative performances are also seen in other markets, Litecoin is down to $70.85, losing $5.93, after closing at $76.78 in the preceding trading session. After ending today's session at $0.059, TRON lost $0.002 and is trading around $0.056.
Other assets are showing positive performances as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36.
Looking ahead, ongoing depreciation may be prolonged as United States Non Farm Payrolls projected to decline to 205,000 while previous data was 517,000; data will be released today at 13:30 UTC.
Furthermore, United States Unemployment Rate is expected today at 13:30 UTC.
Approximately 11 months ago, Tezos reached a significant high of $4.04 but has struggled to hold onto its gains and declined 75.49% since then.