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June 20, 2023Marginally higher but lacking a clear-cut direction, Tezos is trading at $0.738 after ranging between $0.709 and $0.738 today.
Tezos is currently trading at $0.738 following the release of Building Permits (May) data from the United States.
Meanwhile, United States Building Permits (May) came out at 1.49 million, while a consensus of analysts was expecting 1.43 million. Data for United States Housing Starts published today at 12:30 UTC came out at 21.7%, beating projections of -0.8% and showing improvement over the preceding figure of -2.9%. United States Housing Starts (May) released today at 12:30 UTC with a figure of 1.63 million, while the previous figure was 1.34 million.
Tezos USD made an initial breakout above its 10 day Simple Moving Average at $0.728, a potential indicator of a newly emerging bullish phase. On the other hand, note that Tezos could be slowing down soon as it approaches resistance at $0.739. Of course, crossing it might suggest further gains are ahead.
Following today's unexpected gains, extensive multifactorial technical analysis forecasts Tezos to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the Tezos is expected to pick up significant bullish sentiment in the coming days.
Other markets are also showing gains as FTX Token is up 9.54%. Having closed the previous session at $26,800, Bitcoin is up 4.39% today to currently trade at around $28,000. Litecoin is up 3.46%.
Furthermore, the market is looking at United States Fed Chair Powell testimony set for tomorrow at 14:00 UTC. United States Fed Governor Jefferson testimony is scheduled for tomorrow at 14:00 UTC.
On a negative trend for around 3 months. Tezos is now trading 37.33% below its 3-month high of $1.93.
