- Tezos is trading 4.36% lower on Friday as sentiment dips.
- The price is now looking to challenge the 200 hourly simple moving average.
XTZ/USD 1-hour chart
Tezos has dipped on Friday as general sentiment in the crypto market is week toward the end of the week. The pair has been one of the better performing alcoins but over the last 30 days lost an astonishing 57% of its value. It could be worse as the low of the current base is a 0.9892. The price has pulled back from that base level but the consolidation high of 1.880 was a step too far for the pair.
Looking closer at the chart, the price is now looking to test the 200 hourly SMA. The 200 simple moving average is often well respected in the markets and is used as a good gauge of a trend. There are two main consolidation areas in the short term. The high is at 1.7860 and the low is 1.6500, a break in either direction could help is with targets for the future. Outside these zone we have the red resistance level which is the consolidation high. and the blue support which is the most recent wave low. Both of these could be target areas if the current range marked in black breaks out.
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