Tezos Price Update: XTZ/USD drops like deadweight

The cryptocurrency market resumes a dire selloff as XTZ/USD seeks support at $3.00.

XTZ/USD path of least resistance is downwards as observed with the RSI and the MACD.

Tezos is among the digital assets in the cryptocurrency market suffering in the hands of the bears. A reversal is underway with bulls scampering for support at $3.00. Prior to the drop, the crypto ascended to 4-months highs at $3.33.

All technical indicators are currently reinforcing the selloff starting with the RSI and the MACD. The RSI is retreating from the overbought while the MACD is closing in on the midline. These losses are likely to continue owing to the fact that the entire market is in bloodshed.

For now, the path of least resistance will remain to the south. However, Tezos is trading above the moving averages. This means that buyers still have enough room to stop the losses and push for gains above $3.00. The 50 SMA is offering support at $2.68 while the 200 SMA is holding the ground at $2.34.

XTZ/USD daily chart