- Tezos price correction from the hurdle at $3.00 finds support above the 50% Fibonacci level.
- XTZ/USD settles in a sideways action between the 61.8% Fibo resistance and the 50% Fibo support.
Tezos price action has been lethargic in the last few days after the bulls hit a snag at $3.00. On the downside, the bearish action fizzled out above the 50% Fibonacci retracement level taken between the last swing high of $3.9 to a swing low at $1.00. A minor recovery has only managed to rise to the hurdle at $3.00, however, the immediate upside is capped by the 61.8% Fibonacci level.
Meanwhile, XTZ/USD is trading at $2.78. The price action since the recovery from the lows in March has been contained within an ascending channel. In case of a breakout above the key $3.00, the bulls could get a boots towards the channel resistance. More action beyond the channel resistance would clear the path to $4.00.
XTZ/USD daily chart
Looking at the technical picture, consolidation after stalling would mainly cloud the price action in the coming sessions. The Relative Strength Index (RSI) has slowed down the fall from the overbought and is now horizontal at 62.21. As consolidation takes place, buyers are gathering the strength for another attack on the seller congestion at $3.00.
On the downside, apart from the support at the 50% Fibonacci level, extended bearish action will seek anchorage at the channel support, the 100-day SMA ($2.33) and the 50-day SMA ($2.209). Other additional areas to keep in mind include $2.00 $1.50 and the major support at $1.50.
Tezos Intraday Key Levels
Spot rate: $2.78
Relative change: 0.0294
Percentage change: 1.13%
Trend: Sideways action dominates