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June 14, 2023
Tentatively higher from an earlier low of $0.723, Tezos is up to $0.733 today, adding $0.01, or 1.41%, to today's closing price of $0.723.
United States Producer Price Index data will be released today at 12:30 UTC, with an expected decline to -0.1%.
At the same time, United States Consumer Price Index came out at 0.1%, while a consensus of analysts was expecting 0.2%. United States Consumer Price Index released yesterday at 12:30 UTC with a figure of 4%, while the previous figure was 4.9%. United States Core Consumer Prices came out at 0.4%.
Tezos USD made an initial breakout above its 5 day Simple Moving Average at $0.743, a potential indicator of a newly emerging bullish phase. Tezos's lower Bollinger Band® is at $0.68, indicating that the market is oversold and fertile for new buyers. In contrast, Tezos reversed direction at $0.741 resistance zone and retreated back 1 cents below it.
Tezos continues to move higher with technical analysis indicating the trend will continue in the short term.
Other markets are also showing gains as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36. Binance Coin increases 2.54% to trade around $250.19.
In the meantime, TRON moves 0.54% to trade around $0.072.
Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Crude Oil Inventories is projected to outperform its last figure with 1.48 million. It previously stood at -451,000; data will be released today at 14:30 UTC.
Furthermore, the market is looking at projections for United States Producer Price Index are set for a continuation of decline with -0.1% while previous data was 0.2%; data will be released today at 12:30 UTC. United States Retail Sales expected to decline to -0.1% while its preceding data was 0.4%, data will be available tomorrow at 12:30 UTC.
Pointing downwards for around 2 months. Tezos has shed 39.61% over the past three months.
