Tezos slides down from $1 to $0.948 today, losing $0.052 (6.16%).
Concerning technical analysis and more specifically, trend indicators, the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Momentum evaluation shows that the Relative Strength Index indicates Tezos is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. According to asset volatility analysis, Bollinger Bands® shows an indication of recovery: the lower band is at $0.935, a low enough level to, generally, suggest that Tezos is trading below its fair value. As the day gets underway, chart analysis suggests Tezos could begin to recover as it approaches significant support, now 4 cents away from $0.988. Dipping below could be an indication that further losses are ahead.
All in all, the technical analysis suggests Tezos has no clear-cut direction.
In the meantime, negative performances are also seen in other markets, TRON is down to $0.046, losing $0.005, after closing at $0.051 in the preceding trading session. Algorand USD closed at $0.24 (down 8.76%).
Positive performances can be seen by looking at other markets as FTX Token rallies 10.33% to trade around $1.63.
Some optimism can drawn from the fact that United States Producer Price Index is projected to outperform its last figure with 0.5%, having previously been at 0.4%. The figure will be published tomorrow at 13:30 UTC.
Trending downwards for around 2 months. A year ago Tezos reached a significant high of $5.83 but has consequently lost 82.67% since then.