- XTZ/USD regained ground after a massive sell-off on Monday.
- Intraday RSI implies that the upside may be extended.
Tezos (XTZ), now the 10th largest digital asset with the current market value of $1 billion, has regained some ground after the sell-off at the beginning of the week. At the time of writing, XTZ/USD is changing hands at $1.4660, which is nearly 10% higher from this time on Monday. Tezos average daily trading volumes settled at $212 million, which is in line with the figures fo the recent days.
XTZ/US: Technical picture
XTZ/USD settled above the local resistance level created by SMA50 1-hour at $1.4300. However, a stronger barrier awaits the coin at $1.5450. SMA100 1-hour located on approach to this line stopped XTZ recovery on Sunday. If it is broken, the upside will gain traction with the next target at $1.75 (March 15 high), followed by psychological $1.80 and $1.84 (March 14 high).
Considering an upward-looking RSI on the intraday charts, the short-term bullish scenario looks likely, provided that no shocks hit the news wires.
On the downside, the initial support is created by the above-mentioned SMA50 1-hour (currently at $1.4300). Once it is out of the way, the sell-off is likely to gain traction with the next focus on $1.40, followed by the intraday low of $1.2922. The next support comes at $1.2700 and psychological $1.2000. This area will slow down the decline; however, once it is broken, psychological $1.000 will come into view.
XTZ/USD 1-hour chart
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