Tezos market update: XTZ/USD stalls at $1.00
|- Tezos (XTZ) is the best performing coin out of top-20.
- The coin is vulnerable to the downside correction.
Tezos (XTZ), now the 20th largest crypto coin with the market value of nearly $662 million, is up nearly 4% on a day-on-day basis to trade at $1.00. XTZ/USD touched $1.16 high on March 31, retraced since that time amid technical correction.
The coin gained nearly 9% in recent two days, having recovered from $0.9190. XTZ/USD touched $1.02 on Wednesday, but retreated to $1.00 since that time. Looking technically, the coin is moving in a narrowing triangle pattern with the focus on $0.90 as a key support area. Once it is cleared, the sell-off may be extended towards $0.86. This area is strengthened by 38.2% Fibo retracement from the recent upside move.
On the upside, we need to see a sustainable move above the intraday high $0.1.02 to proceed towards $1.05 (April, 5 high) and to the ultimate resistance $1.16. However, considering the lack of momentum, this development seems less likely.
Fundamentally, the recent Tezos growth was triggered by the news that Binance’s TrustWallet added Tezos support. But the reaction is fading away, leaving the coin vulnerable to the downside correction.
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.