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June 23, 2023
Tezos trades at $0.802 after gaining $0.038 (4.95%).
Tezos is currently trading at $0.802 following the release of Services PMI data from the United States.
On the flip side, Crude Oil Inventories in United States fell short of market expectations (329,000) with a reading of -3.83 million, continuing the decline from the previous figure of 7.92 million.
Meanwhile, United States Services PMI released today at 13:45 UTC with a figure of 54.1, while the previous figure was 54.9. United States Existing Home Sales (May) came out at 4.3 million, while a consensus of analysts was expecting 4.25 million.
Trend-following investors would be interested to note that Tezos USD made an initial breakout above its 21 day Simple Moving Average at $0.779, a potential indicator of a newly emerging bullish phase. Tezos formed a session range of $0.765 to $0.807 leaving buyers and sellers highly concentrated around an active Fibonacci resistance level of $0.8. Analysis based on the asset volatility indicates that Tezos's upper Bollinger Band® is at $0.873, this is a slight indication of a slowdown. As the trading day comes to an end, chart analysis indicates Tezos broke through the $0.787 resistance and climbed 2 cents above it.
Notwithstanding Tezos's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Other markets are also showing gains as Bitcoin Cash gained 34.83% and is now trading at $180.57. EOS gained 8.75% and is currently trading at $0.74. Having closed the previous session at $0.125, Algorand USD is up 9.77% today to currently trade at around $0.137.
Pointing downwards for around 3 months. Tezos is now trading 34.07% below its 3-month high of $1.93.
