Tezos Price Action: XTZ is stuck at a key technical level
- Tezos is trading 0.55% lower despite some of the crypto majors trading higher.
- The price is stuck at the apex of a triangle formation on the hourly chart.
XTZ/USD 1-hour chart
The hourly Tezos chart below shows a mixture of sentiment as on one hand, the price broke out of the black trendline to the upside and now its finding support at the lower side of the pattern trendline. The apex of the pattern formed at 2.7518 around 4-5 candles ago (at the time of writing) and now the price seems to be stuck between the two extending trendlines. In fairness this could just be a test of the upper trendline it broke at 5 am on Tuesday but we will have to see if the price moves higher here to confirm that theory.
The indicators are also giving a mixed picture as the price broke back below the 200 simple moving average and used it as resistance but the 55 exponential moving average is acting like a support. The relative strength index indicator has broken below the 50 mid-line which is a bearish sign and there is still some room for a move to oversold levels. If the price does move lower from here the two main supports are the orange line at 2.6692 and the purple line just above 2.55.
 (15)-637243818686766365.png)
Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
