- Tezos outshines the top ten cryptocurrencies recording a 3% gain in the last 24 hours.
- The short-term support at $1.6 saves the bulls a trip downstream while the focus stays on $2.0.
Tezos appears to be the only cryptocurrency in the green among the top ten. The losses that befell the market on Monday saw Bitcoin dive below $7,000 and test he support at $6,800. Ethereum and Ripple were not spared from the bearish wave, exploring lows at $130 and beneath $0.20, respectively. The rest of the top ten digital assets did not weather down the declines gracefully, posting lost between 2% and 8%.
On the other hand, Tezos is continually sustaining and nurturing an uptrend in spite of losses generally witnessed across the board. The recent impressive rally broke several barriers including $1.6 and $1.8. A high formed at $1.8476 marked the end of the rally, giving way for the selling activity triggered by Bitcoin’s plunge below $7,000 on Monday.
While most cryptocurrencies followed in the footsteps of Bitcoin, Tezos was mostly unbothered accept for testing the short term support at $1.6. A recovery followed almost immediately pulling XTZ to $1.76 (intraday high). The upward action has since slowed down but XTZ is doddering at $1.6998.
Supporting the immediate downside is the 100 SMA on the 1-hour chart. Other support areas include the 50 SMA and the recent support at $1.6. Technical levels are still positive, besides the Stochastic RSI is holding ground slightly above 70. If the technical picture continues to improve, XRT could eventually resume the uptrend targeting $2.0.
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