Tezos is standing out not afraid to be conspicuous with its 10% surge in a crypto market that has been bearish for the last three days. Tezos was not spared the ax during the early week losses that saw Bitcoin (BTC) dive under $9,000, its price was forced down a painful path, erasing most of the gains that had been accrued in February.
Various support levels including the 61.8% Fibonacci retracement level taken between the last swing of $3.96 to a swing low of $2.52 at $3.40, $3.00 and $2.8 could not stop the freefalling digital asset. However, Tezos met immense buying pressure at $2.52 (weekly low). The congestion of bulls in this zone once again gave life to the battered crypto, which has tested but not broken the resistance at $3.00.
XTZ/USD hourly chart
The declines have been respecting the confines of a falling channel as seen on the 1-hour chart. The channel resistance has been tested more than once. If the price, which is trading at $2.81 breaks above the channel resistance as well as the 23.6% Fibo resistance, XTZ/USD could eventually regain the momentum witnessed in January and the first two weeks of February, and rocket towards the all-time high at $3.96.
From a technical point of view, Tezos remains in a bullish phase despite the resistance at the 23.6% Fibo and that at the channel. The RSI in the same 1-hour range is moving upwards above the average (50). Further advancement towards the overbought region (from 70), could encourage the bulls to increase their entries, allowing XTZ to climb the levels towards $4.00.
Tezos Key Levels
Sot rate: $2.81
Relative change: 0.0430
Percentage change: 1.36%
Trend: Bullish
Support $2.6 and $0.52
Resistance: $2.85, $3.00 and $3.6
