Tezos Price Analysis: An important trendline is being tested along with the psychological 2.00 level
- Tezos has taken a massive hit since mid-Feb but now the trend could be breaking.
- The psychological 2.00 level is also being tested and the price printed slightly above.
XTZ/USD 4-hour chart
Tezos has been trending lower since February 19th after the price hit 3.9436. If you connect the price peaks from that level and March 7th we get the trendline you see on the chart below. The price has also moved above both the 55 and 200 moving averages on the 4-hour and daily charts. The only thing stopping the progress of XTZ in the short term is the trendline and the 2.00 price zone.
Looking closer at the technicals now, the RSI is pulling away from an extremely overbought zone and the last 4-hour candle printed as a doji, which means indecision. If the price does move lower the 1.80 level could also offer some support as it was a resistance in the past. Volume is also looking slightly light so if the trendline does break it would be good to see a pick up in volume.
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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.
