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.
Author
Tanya Abrosimova
Independent Analyst
