Tezos cryptocurrency trades up $0.014, approximately 1.89% higher this afternoon

Tezos trades at $0.777 after gaining $0.014 (1.89%).

United States GDP data will be released today at 12:30 UTC, with an expected decline to 1.4.

On the flip side, following a previous reading of -3.83 million, Crude Oil Inventories in United States released yesterday at 14:30 UTC fell short of the -1.76 million figure expected by analysts with an actual reading of -9.60 million.

Meanwhile, United States 7-Year Note Auction released yesterday at 17:00 UTC with a figure of 3.839, while the previous figure was 3.827. United States Cushing Crude Oil Inventories came out at 1.21 million, while a consensus of analysts was expecting 89,000.

Technical chart analysis shows Tezos USD could be slowing down soon as it approaches resistance at $0.79. Of course, crossing it might suggest further gains are ahead. Trend-following investors would be interested to note that Tezos made an initial breakout above its 21 day Simple Moving Average at $0.764, a potential indicator of a newly emerging bullish phase. Asset volatility analysis shows that Tezos's upper Bollinger Band® is at $0.828, this is a slight indication of a slowdown.

Overall, the technical outlook suggests Tezos is likely to remain muted for the immediate future, with no clear-cut direction.

Tezos shows positive signs, other assets are also on par: Solana is up 11.65%. Having closed the previous session at $225.23, Bitcoin Cash is up 7.2% today to currently trade at around $241.46. FTX Token rallies 9.54% to trade around $1.36.

Furthermore, the market is looking at today at 12:30 UTC data for United States GDP will be released, with an expected decline to 1.4 from the preceding figure of 2.6. Projections for United States Initial Jobless Claims are set for a continuation of decline with 266,000 while previous data was 264,000; data will be released today at 12:30 UTC.

The market is looking forward to the release of new data: United States Core PCE Price Index (MoM) (May) scheduled to come out tomorrow at 12:30 UTC.

Pointing downwards for around 3 months. Tezos has shed 33.34% over the past three months.