Tezos 12% surge runs into double-top pattern resistance at $2.00
|- Tezos price surge hits pause at $2.00, opening the door for a reversal.
- The bulls remain relatively in charge based on the RSI and the moving averages.
Tezos is among the best performers in the cryptocurrency market Monday. Besides, it is only extending the weekend’s bullish action. In 2020 alone, XTZ has grown by more than 36% from levels slightly above $1.2 to $1.9 (market value).
According to the data by CoinMarketCap, Tezos is trading 12% higher a period of 24 hours. Tezos holds the 13th position among the listed cryptocurrencies. It has a market cap of $1.3 billion and a 24-hour trading volume that stands at $88 million.
Tezos technical picture
The Weekend-Monday rally incredibly the levels towards $2.00. However, the high congestion of sellers at this zone couldn’t allow further upward movement. Due to the selling activity, XTZ has been forced towards the tentative support at $1.90.
Testing and failing tom break the resistance at $2.0 resulted in the formation of a double-top pattern. The pattern’s impact is currently in action as Tezos bulls seek support and balance. If the support at $1.90 fails to hold, XTZ is expected to cling to the next support target at $1.80, $1.20 and $0.80. As long as the 50-day SMA at $1.4582 stays above the 200-day SMA at $1.20, Tezos bulls will remain relatively in charge.
Tezos daily chart
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