Tezos Price Analysis: XTZ/USD bears take control, aim for $3-line

• XTZ/USD bears took control following six bullish days.
• William’s %R has dipped below the overbought zone, following bearish price action.

XTZ/USD daily chart

XTZ/USD bears took control of the market following six straight bullish sessions as the price dropped from $3.23 to $3.09. Following this bearish price action, the William’s %R has dipped below the overbought zone, showing that it is no longer overpriced. 

The Elliott Oscillator has gone up from -0.3 to 0.4, following 12 straight green sessions. This shows that the current market sentiment remains overwhelmingly bullish.

Support and Resistance

XTZ/USD bulls ran out of steam at the $3.23 resistance line. On the downside, healthy support lies at $2.90, $2.73, $2.69 (SMA 50) and $2.57 (SMA 20).