Tezos cryptocurrency trades up $0.019, approximately 1.68% higher this morning

Tezos has rallied $0.019, or 1.68%, to now stand at $1.14.

Nevertheless, United States Producer Price Index published yesterday at 12:30 UTC came out at -0.5%, falling short of the 0.1% projections and continuing its decline from the previous 0% figure. United States Initial Jobless Claims published yesterday at 12:30 UTC came out at 239,000, falling short of the 232,000 projections and continuing its decline from the previous 228,000 figure.

At the same time, United States Fed's Balance Sheet released yesterday at 20:30 UTC with a figure of 8.62 trillion, while the previous figure was 8.63 trillion.

Tezos USD made an initial breakout above its 50 day Simple Moving Average at $1.14, a potential indicator of a newly emerging bullish phase. Tezos broke through the $1.13 resistance, climbing 1 cents above it. In contrast, Bollinger Band® analysis indicates that current price action is approaching the upper band at $1.15, thereby suggesting that Tezos is becoming overvalued.

Overall, looking at the technical analysis landscape, it seems Tezos likely to continue pointing upward in the short term.

Tezos shows positive signs, other assets are also on par: FTX Token gained 9.54% and is now trading at $1.36. Ethereum is up 4.44%. Litecoin goes up 3.27% to trade around $97.33.

Also worthy of note, today at 12:30 UTC data for United States Core Retail Sales will be released, with an expected decline to -0.3% from the preceding figure of -0.1%.

Furthermore, the market is looking at United States Retail Sales figure is projected at -0.4%. It previously stood at -0.4%; data will be released today at 12:30 UTC.

Trading mostly sideways for a month. Tezos is now trading 65.68% below the significant high of $3.28 it set around 11 months ago.