- Tezos spikes up the weekend action surging more than 30%.
- Tezos bulls lose momentum at $1.65 leaving $1.70 crucial hurdle untested.
Tezos was arguably the best performing crypto in the weekend session. After closing the session on Friday at $1.38, the bullish action majestically surged over 30% to brush shoulders with $1.61. Both the trading volume and the market cap corrected higher, where XTZ crossed the $1 billion hurdle. At the time of writing, Tezos is doddering at $1.59 and features a 24-hour trading volume of $69 million and a market of $1.045 billion.
The price is trading way above the moving averages. The 50 SMA is holding ground at $1.33 while the 100 SMA at $1.31 on the 4-hour chart. The surge failed to sustain gains above $0.61 leaving $1.70 hurdle untested.
The retreat from the recent high is in tandem with the dwindling technical indicators. For instance, the full stochastic oscillator is in the middle of a retreat from the overbought. Continued correction below 70 could ignite losses towards $1.50. However, the MACD is moving upwards within the positive region. The visible bullish cross suggests that the bulls are relatively in control.
XTZ/USD 4-hour chart
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