- Tezos trades over 10% higher on Monday after the fall over the weekend.
- The price found support at 1.50 and not for the first time.
XTZ/USD 1-hour chart
Tezos has moved into a sideways consolidation phase as the market decides which way to break. The market found support at the 1.50 level after most of the major crypto markets fell over the weekend. Tezos fell a total of 17% but has recovered most of that fall anyway. Now it seems the price has been testing the 200 SMA and so far that level at 1.65 has been rejected. This means the price is in no mans land between the two moving averages the 55 and 200.
Looking at the RSI now, the market has moved into an oversold area despite the price waves making a lower high. This is called a failure swing or hidden divergence and can mean more downside pain is on the way. The key support marked in red is at 1.47, if this level break then the market could drop slightly more. On the topside, the main resistance is the trendline and if there is a break there, the 1.88 consolidation high could be tested.
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