fxs_header_sponsor_anchor

Tezos Price Analysis: XTZ/USD loses 2% in a matter of minutes, tests $3.00

  • XTZ/USD extends the decline after a sharp growth on Thursday.
  • The coin tests critical support created by 200-hour SMA at $3.00.

Tezos (XTZ) hit the intraday high at $3.23 and retreated to the psychological of $3.00. The coin has lost over 2% in a matter of minutes, but the bullish momentum slowed down on approach to the strong support reinforced by 200-hour SMA. Once it is broken, the previous channel support at $2.90 will come into focus. The next critical barrier is created by a combination of 50-day and 100-day SMA at $2.70. This area may slow down the bears and create a pre-condition for another bullish wave. 

XTZ/USD 1-hour chart

On the upside, the initial resistance is created by the recent high of $3.23. A sustainable move above this area is needed for the upside to gain traction with the next focus on the recent recovery high of $3.34. Once it is out of the way, the recovery may be extended towards 3.95 (the highest level of 2020) and $4.00. 

XTZ/USD daily chart

Tezos (XTZ) is the 13th largest digital asset with the current market value $2.29 billion, while the average daily trading volume is registered at $161 million. Despite the retreat from the intraday high, the coin is still 1.7% higher from this time on Thursday.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.