Tezos Price Hits Pause At $1.6: Downward momentum seems unstoppable
|- Tezos Foundation allows users to claim funds from the crypto faucet on the official Tezos website.
- Tezos price remains in a downward momentum after running into acute selling pressure at $1.6.
Tezos is dealing with a reversal movement after hitting a wall at $1.6. The bullish momentum on Monday has quickly turned into a gain trimming exercise. However, the 14th largest cryptocurrency in the industry with a market cap of $1.07 billion is still holding on to 8% of the gains accrued in the last 24 hours.
While trading at $1.5353, Tezos' immediate downside is shielded by the ascending trendline. The price is also above the moving averages in the hourly timeframe. If the 50 MA crosses below the 100 SMA, it will mean that selling activity is on the rise. At the same time, if Tezos breaks down below the support at $1.50, the moving averages are in line to offer additional support.
Technically, downward momentum is at its peak on the day. The Relative Strength Index is sharply grinding below the average and could soon test the oversold region. This means that selling pressure is rising, which is likely to push XTZ lower, risking key support areas at $1.50, $1.40 and $1.30.
XTZ/USD 1-hour chart
Tezos free for all users XTZ faucet
The Tezos foundation has introduced a crypto faucet that will distribute small streams of XTZ tokens to all users within the network. The website states that the funds in the new faucet have been set aside for development. The XTZ tokens have real value and normal users have been invited to claim the funds. Limits have been put in place to ensure that the funds benefit users in a fair manner. Users are not allowed to claim more than once a day. Besides, the faucet pays out 0.01 XTZ per request.
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