- Tezos price bulls defy the selling pressure on the market to post over 3% gains in the last 24 hours.
- A formed pennant flag pattern hints that a reversal is possible in the coming sessions.
Tezos price is leading recovery in the cryptocurrency market, especially in regards to the top ten digital assets. XTZ/USD is up 3.83% in the last 24 hours while Bitcoin price has grown by 1.78% in the same period. In the last seven days, Tezos has lost 7.89% of its value while Bitcoin is down 9.76%. The biggest loser among the top ten cryptoassets is Bitcoin SV, after dumping 18.80% in the last seven days.
Bitcoin price recently sunk from levels above $9,000 to test the support at $7,600. A recovery ensued on Tuesday where BTC advanced past the resistance at $8,000. The bulls pulled the price higher but they lost steam short of $8,200. A reversal followed with the price diving back under $8,000. At the time of writing, Bitcoin is trading at $7,904 amid struggles to sustain gains past the $8,000 level.
XTZ/USD 4-hour chart
Tezos Price Technical Picture
The 4-hour chart for XTZ/USD shows the price gearing up to tackle the sellers congested at the confluence created by the 50 SMA and the 100 SMA. The groundbreaking milestone for Tezos would be a jump above the hurdle at $3.0. Other technical indicators such as the RSI suggest that the bulls are largely in control. The MACD is advancing towards the positive region while the bullish divergence from it signals that buying pressure is on the rise.
However, the formation of a pennant pattern threatens to end the upside action and force a continuation of the recent downtrend. If the breakdown occurs, support is expected at $2.50, $2.25 and $2.00.
Tezos Key Levels
Spot rate: $2.61
Relative change: 0.0259
Percentage change: 1.00%
Source: Coin Gape