Tezos Price Analysis: XTZ/USD retreats from $3.00, bullish trend still intact

Tezos has staged a strong recovery after a sell-off towards $2.85 during early Asian hours. the coin touched the intraday high at $3.05 and retreated to $2.98 by press time. A failure to settle above the psychological resistance $3.00 bodes ill for the bulls; however, the coin the price is still moving within the short-term bullish trend as long as $2.90 stays intact. 

XTZ stays on the 13th place of the global cryptocurrency market rating with the current market value of $2.17 billion and an average daily trading volume of $247 million. The coin has gained over 7% in the recent 24 hours. 

XTZ/USD: technical picture

A sustainable move above $3.00 is needed to improve the technical picture and create the upside momentum. The next bullish aim comes at $3.11 (the upper line of the 4-hour Bollinger Band). Once it is out of the way, the upside is likely to gain traction with the next focus on $3.16 (July high) and $3.35, which is the highest level since May 3.

On the downside, the initial support is created by the above-mentioned $2.90 with 1-hour SMA50 located right below this level. Once it is out of the way, the sell-off may increase and push the price to $2.70 and $2.66. This support is created by 1-hour SMA200 and 4-hour SMA50. If it is broken, the downside momentum is likely to continue with the next focus on $2.55 (4-hour SMA100 followed by SMA200).

XTZ/USD 1-hour chart