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May 26, 2023
Tezos trades at $0.881 after gaining $0.009 (1%).
Tezos is currently trading at $0.881 following the release of Core PCE Price Index (MoM) (Apr) data from the United States.
On the flip side, Core Durable Goods Orders in United States fell short of market expectations (0%) with a reading of -0.2%, continuing the decline from the previous figure of 0.3%. Highly important Pending Home Sales data from United States beat analyst expectations of 0.5% with a reading of 0%.
Meanwhile, United States Core PCE Price Index (MoM) (Apr) came out at 0.4, while a consensus of analysts was expecting 0.3.
Chart analysis indicates Tezos USD price action is currently oscillating around the $0.876 resistance level with prices moving above and below several times during the session. With regards to technical trend indicators, chart analysis show that Tezos made an initial breakout above its 5 day Simple Moving Average at $0.88, a potential indicator of a newly emerging bullish phase. Analysis based on the asset volatility indicates that Bollinger Band® analysis indicates that current price action is approaching the upper band at $0.919, thereby suggesting that Tezos is becoming overvalued.
With market volatility ebbing, the current technical outlook indicates Tezos will remain range-bound for the immediate future.
Other markets are also showing gains as FTX Token gained 9.54% and is currently trading at $1.36. Ripple gained 2.1% and is now trading at $0.463.
At the same time, UNICORN Token USD is trading around $6.43 (down $0.197).
On a negative trend for around 2 months. Tezos reached a significant high of $2.23 around 11 months ago but has lost 60.83% since then.
