- Tezos is trading over 4% lower on Wednesday as sentiment turns.
- The price is now testing a key trendline and looks like it could break lower.
XTZ/USD 1-hour chart
On the lower timeframe, it seems that Tezos has turned bearish is it trades over 4% lower on Wednesday’s session. The price has started to make lower high and lower low waves as it headed toward the black trendline on the bottom of the chart. The whole trendline is not in the picture but it originated from the low back on 16th March to the low in the same month on the 29th. It seems to be respected at the moment but there is always the chance it may break.
Looking closer at the technicals now, the price is trading below both the 55 and 200 hourly moving averages. The RSI is also in a depressed are under the 50 mid-level and is close to being oversold. One point to keep an eye on is the lacklustre volume. If the price is to break lower it would be good to get a spike in volume for confirmation of the bearish bias.
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