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Trading Signals

Tezos gains positive traction for a 4th successive day

15 April 2023

XTZUSD

After dropping down to $1.14, Tezos recovers some losses and is currently trading at $1.16.

This uncertain state for Tezos is reflected by published market data as Core Retail Sales in United States fell short of market expectations (-0.3%) with a reading of -0.8%, continuing the decline from the previous figure of 0%. United States Retail Sales published yesterday at 12:30 UTC came out at -1%, falling short of the -0.4% projections and continuing its decline from the previous -0.2% figure. United States CFTC S&P 500 speculative net positions released yesterday at 20:30 UTC with a figure of -307,600, while the previous figure was -321,500.

Tezos USD is approaching key support, around 3 cents away from $1.13. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. The upper Bollinger Band® for Tezos stands at $1.16, indicating possible gains could follow. In contrast, Tezos made an initial break below its 3 day Simple Moving Average at $1.14, a possible indication of a forthcoming negative trend.

Although price action remains in a stalemate, technical analysis suggests Tezos could be primed for a break to the upside.

While Tezos is pretty flat so far today, mixed performances are seen elsewhere as FTX Token soars 9.54% to trade around $1.36. Having closed the previous session at $0.438, Cardano is up 3.18% today to currently trade at around $0.451. Having closed the previous session at $7.75, Chainlink USD is up 3.39% today to currently trade at around $8.

Registering some good gains for about a month now. Having set a significant high of $3.28 11 months ago, Tezos is trading 64.8% lower.

Market Summary

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LTC cryptocurrency trades up $0.62, approximately 0.74% higher going into tomorrow

US markets end yesterday lower alongside bearish sentiment in European indices

Ether cryptocurrency trades up $15.34, approximately 0.8% higher going into tomorrow

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