- Tezos recovery managed to rise above several key resistance zones including $1.04 and $1.08.
- The ongoing reversal is supported by the dwindling technical picture.
Tezos is up an impressive 10% in the last 24 hours. The cryptoassets’ formidable gains are in tandem with a general altcoin recovery in the market. Before the ballistic correction on Tuesday, Tezos was trading in a narrow range between $0.94 and $1.02.
The break above both the 100 simple moving average on the one-hour chart and the 50 SMA became the turning point leading to an incredible reversal. XTZ/USD forced its way through several resistance zones including $1.04 and $1.08. The bulls tried to thrust the price through the next hurdle at $1.12 but failed.
The failure to correct higher is paving the way for an ongoing correction. XTZ/USD has stepped below the ascending trendline support. Looking at the relative strength index (RSI) retreat, it is clear further downside correction is to be expected. Besides, the moving average convergence divergence (MACD) suggests that the sellers are gaining traction against the buyers.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.