- Tezos has dropped 3.64% on Wednesday after momentum drops off.
- There is a large consolidation zone with a high at 1.900 that looks a stretch too far.
XTZ/USD 1-hour chart
Tezos has been recovering from a major down move that started on 20th February. Since that date, the price has fallen over 50% form 3.61 to 1.68. That is a very heavy fall for a one month period. Now there is a base-forming with the low of the base at 0.9892 just below the 1.00 psychological level. The price has moved up but cannot seem to break the consolidation high.
The chart below high lights the main to zones to keep an eye on. The main low is 1.0138 and the resistance is at 1.900. A break in either direction could tell us lots about the future trajectory of price. At the moment the price is trading above both the 55 and 200 moving averages, which is bullish. The price has also been making higher lows which is also a good sign. One of the major problems is the lack of volume. There seems to be no conviction at the moment but that can change at the drop of a hat in the crypto market.
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