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May 17, 2023
After dropping down to $0.897, Tezos recovers some losses and is currently trading at $0.9.
United States Building Permits (Apr) is next today at 12:30 UTC.
Uncertainty around Tezos is reflected by published market data as United States Retail Sales released earlier showed a marked improvement to 0.4% from the preceding data of -0.7%, but fell short of the 0.8% figure forecast by a consensus of market analysts. Highly important Core Retail Sales data from United States beat analyst expectations of 0.4% with a reading of 0.4%. United States API Weekly Crude Oil Stock came out at 3.69 million, while a consensus of analysts was expecting -1.3 million.
Tezos USD is approaching key support, around 2 cents away from $0.879. 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. Tezos made an initial breakout above its 10 day Simple Moving Average at $0.905, a potential indicator of a newly emerging bullish phase. Tezos's upper Bollinger Band® is at $1.04 and the lower is $0.839.
Despite muted price action in Tezos, chart analysis indicates it is positioned for a bullish run in the short term.
Other markets show mixed performance as FTX Token is up 9.54% to $1.36. Having closed the previous session at $90.12, Litecoin is up 2.55% today to currently trade at around $92.41. UNICORN Token USD is down to $6.43, losing $0.197, after closing at $6.63 in the preceding trading session.
Furthermore, the market is looking at United States Crude Oil Inventories projected to come out at -920,000 — worse than previous data of 2.95 million; data will be released today at 14:30 UTC. United States Philadelphia Fed Manufacturing Index (May) is scheduled for tomorrow at 12:30 UTC. United States Initial Jobless Claims is projected to outperform its last figure with 254,000. It previously stood at 264,000; data will be released tomorrow at 12:30 UTC.
Trending downwards for around 2 months. Having set a significant high of $2.23 11 months ago, Tezos is trading 59.58% lower.
