Tezos drops from $1.02 to $1, losing $0.021 (1.34%) today.
Tezos is currently trading at $1 following the release of ISM Manufacturing PMI (Nov) data from the United States.
In contrast, positive data for Tezos reported earlier when United States Initial Jobless Claims beat analyst expectations of 235,000 and the previous reading of 241,000 with new data of 225,000.
While price action maintains a negative bias, United States ISM Manufacturing PMI (Nov) came out at 49, while a consensus of analysts was expecting 49.8. United States Core PCE Price Index (MoM) (Oct) released today at 13:30 UTC with a figure of 0.2, while the previous figure was 0.5.
Tezos USD made an initial break below its 21 day Simple Moving Average at $1, a possible indication of a forthcoming negative trend. Tezos's upper Bollinger Band® is at $1.04 which indicates a further downward move may follow. In contrast, Tezos could begin to recover as it approaches significant support, now 2 cents away from $0.989. Dipping below could be an indication that further losses are ahead.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts Tezos to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the Tezos is expected to attract significant bearish sentiment in the coming days.
In the meantime, negative performances are also seen in other markets, after ending today's session at $0.107, Dogecoin lost $0.005 and is trading around $0.102. Binance Coin descends 3.02% to trade around $292.36. Ripple is down to $0.397, losing $0.011, after closing at $0.409 in the preceding trading session.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as tomorrow at 13:30 UTC data for United States Non Farm Payrolls will be released, with an expected decline to 200,000 from the preceding figure of 261,000.
Furthermore, United States Unemployment Rate figure is projected at 3.7. It previously stood at 3.7; data will be released tomorrow at 13:30 UTC.
Trending downwards for around 2 months. Approximately 11 months ago, Tezos reached a significant high of $5.68 but has struggled to hold onto its gains and declined 82% since then.