Tezos market update: XTZ/USD mired in a bearish correction.
|- Tezos (XTZ) is the worst performing coin out of top-20.
- A move above $0.93-$0.9320 is needed to improve the technical picture.
Tezos (XTZ), now the 20th largest crypto coin with the market value of nearly $600M, is down nearly 9% on a day-on-day basis to trade at $0.9. XTZ/USD touched $1.16 high on March 31, but failed to settle above critical $1.0 handle.
The coin has been sliding downs steadily having three bearish days out of five even despite a strong bullish run on the cryptocurrency market. though the downside seems to be driven mostly by technical factors as there are no clear fundamental reasons to feed the sell-off.
Moreover, Binance’s TrustWallet added Tezos support recently, which means that the coin holders can store their assets and still participate in the network’s governance.
Tezos’s technical picture
XTZ/USD bottomed out at $0.82 on Thursday and managed to claw back some ground to trade at $0.90. The initial resistance is created by $0.93-$0.9320 congestion zone that includes SMA200 (1-hour). Once it is cleared, the recovery may be extended towards $0.9540 (SMA50).
On the downside, we will need to see a sustainable move below $0.82 (the recent low) for the sell-off to gain traction with the next focus on $0.80 (SMA100, 4-hour) and $0.70.
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