Tezos price analysis: XTZ/USD reversal risks breaking $1.00 support


  • 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.

XTZ/USD 1-hour chart

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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Consolidating Bitcoin Price May Be Setting Up Ethereum for a 30% Surge

Bitcoin’s multi-month consolidation in a giant descending wedge led altcoins to defy trader’s common logic and the majority of altcoins continued to drop to new lows instead of rallying. 

More Bitcoin News

Dash market update: DASH/USD grinding into a bull trap

Dash buyers are showing their bullish prowess on Tuesday. Generally, indecision clouds the majority of cryptocurrencies on the market. However, Dash is putting intense pressure on key levels with the main purpose being to break above the symmetrical triangle resistance.

More Dash News

Litecoin (LTC) price analysis: LTC/USD spends its 8th birthday in a range

Litecoin is stuck in a depressingly narrow range limited by $58.00 on the upside and $53.00 on the downside. At the time of writing, LTC/USD is changing hands at $56.27, the coin has barely changed both since the beginning of the day and on a day-on-day basis despite mild recovery among other top altcoins. 

More Litecoin News

Ethereum (ETH) market update: a trip to $200.00 delayed for now

ETH bottomed at $152.50 on September 26 and managed to claw back some ground. However, the upside momentum has faded away on approach to the next critical resistance area of $190.00-$200.00.

More Ethereum News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC bulls trapped below SMA200 daily

Bitcoin bulls have had a short glimpse of victory only to suffer a bitter disappointment this week.

Read the weekly forecast

BTC

ETH

XRP