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.

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