Tezos Price Analysis: XTZ still stuck in a large consolidation zone

• Tezos trades 3% higher on Tuesday as crypto sentiment is mildly positive.
• There is a large consolidation zone building and a breakout would help determine future direction.

XTZ/USD 1-hour chart

Tezos has been performing well over the last couple of session but still has some major resistance levels to break. Right now the major trend on the higher timeframes is still firmly down but there are some signs of a recovery as a solid base has been formed. This consolidation zone is now between 1.1379 and 1.8850. Any firm break with good volume could give us good signals about the longer-term trajectory.

Looking closer at the 1-hour chart below, there are some key positive signs. The price is above both the 55 and 200 moving averages. There has been a series of higher low waves and the RSI indicator is above the 50 mid-line. The only area of concern is the lack of volume shown in the moves higher. The sell-side spikes are still bigger than the buying conviction.