Tezos has gained about 120 percent since the breakthrough of $1.75 level without any corrective action. Tezos is one of the year’s most successful cryptocurrencies. Now that XTZ/USD is beneath the psychological level of $3.00, its rallies seem contained. In the early hours of Wednesday, XTZ/USD sellers gained the advantage to further reduce the price from $2.84 to $2.53. Despite recent price falls, Tezos remained 10th in market capitalization.
* The moving average 5 and 13 crossings indicate short-term bearish sentiment, while the RSI tends to range.
* Tezos corrected 32% from a local high of $ 3.94, indicating a strong pullback
* Tezos continued to hold 10th position in market capitalization
Key Levels
Resistance Levels: $3.95, $3.50, $3.00
Support Levels: $2.50, $2.00, $1.75
In the early hours of Wednesday, XTZ/USD sellers took advantage to further reduce the price from $2.84 to $2.53. In the prior day, the price for the asset dropped from $3.20 to $2.71 level, followed by a highly bearish activity today. This bearish action happened after a sustained period of bullish activity.
XTZ/USD is currently trending at levels that have not been observed for 2 weeks. Before the last 3 days, bearish steam for correction was pushed to reduce the moving averages 5 and 13 into crossings while cutting the bullish momentum. The RSI indicator is however still floating around the oversold zone, suggesting that XTZ/USD may be undergoing a little more range shortly.
Technically, the pair is in range, and the price can reduce this by making a trend of high lower waves. Tezos did not retrace like other crypto majors. In the long run, this may be a good sign if cryptocurrencies begin to develop again.
There are considerable support levels of $2.50 and $1.75 that are the previous levels of resistance. A retracement to $1.75 level is 50 percent, however, this kind of retraction is not always anticipated during high bullish trends.
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