Tezos price hovers near all-time high as cryptocurrencies bleed
|- Tezos defies a broad-based crypto selloff to record an 8.87% growth in 24 hours.
- Tezos price remains relatively bull despite the resistance at $3.90.
The bloodshed in the cryptocurrency market seems to be taking a breather. The week’s trading has been mostly bearish with instances of bullish reversals. However, for Tezos the situation is a bit different considering the prominent 8.87% growth in the last 24 hours.
Following the dip from the all-time high at $3.94 (Fibo swing high), the price embraced the support offered by the 50 SMA on the 1-hour chart and the ascending trendline support. A reversal from the support defied the bearish pressure across the market as the price stepped above the resistance at $3.80. The barrier at $3.9 was too strong for the bulls and the trend culminated in a shallow correction to $3.76 (market value).
Tezos price technical picture
The bulls remain relatively in control despite the correction from the all-time high. There is a developing bullish divergence with the MACD likely to materialize in the current and next sessions. Besides, the wide gap the 50 SMA is making above the 100 SMA suggests that Tezos could remain in the hands of the buyers a while longer. However, I least expect rapid upward movements in the sessions on Thursday.
XTZ/USD hourly chart
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.