Tezos price analysis: XTZ/USD reversal risks breaking $1.00 support
|- Tezos recovery managed to rise above several key resistance zones including $1.04 and $1.08.
- The ongoing reversal is supported by the dwindling technical picture.
Tezos is up an impressive 10% in the last 24 hours. The cryptoassets’ formidable gains are in tandem with a general altcoin recovery in the market. Before the ballistic correction on Tuesday, Tezos was trading in a narrow range between $0.94 and $1.02.
The break above both the 100 simple moving average on the one-hour chart and the 50 SMA became the turning point leading to an incredible reversal. XTZ/USD forced its way through several resistance zones including $1.04 and $1.08. The bulls tried to thrust the price through the next hurdle at $1.12 but failed.
The failure to correct higher is paving the way for an ongoing correction. XTZ/USD has stepped below the ascending trendline support. Looking at the relative strength index (RSI) retreat, it is clear further downside correction is to be expected. Besides, the moving average convergence divergence (MACD) suggests that the sellers are gaining traction against the buyers.
XTZ/USD 1-hour chart
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