Tezos Technical Analysis: XTZ/USD recovers from a sudden drop below $3
- XTZ/USD suffered a spike below $3 as the entire crypto market collapsed for a short period of time.
- The Twitter hack promoting a cryptocurrency scam seems to have affected the entire market.
Tezos is still trading inside a massive daily uptrend and is not facing a lot of resistance until $4. The current daily candlestick is a bullish one, especially if the buyers can hold Tezos price above $3.24.
XTZ/USD 4-hour chart
Despite the last spike towards $3, the 4-hour chart remains in an uptrend and is showing good recovery. XTZ is currently trading above the 12-EMA at $3.07 and it’s getting close to the last high at $3.34.
XTZ/USD 1-hour chart
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On the hourly chart, we have a similar situation with XTZ still above both EMAs which were on the verge of a bear cross but didn’t. Te hourly uptrend is also still in play and bulls are now waiting for a healthy pullback before the next leg up.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
