- Tezos (XTZ) is the worst performing coin out of top-20.
- A move above $0.93-$0.9320 is needed to improve the technical picture.
Tezos (XTZ), now the 20th largest crypto coin with the market value of nearly $600M, is down nearly 9% on a day-on-day basis to trade at $0.9. XTZ/USD touched $1.16 high on March 31, but failed to settle above critical $1.0 handle.
The coin has been sliding downs steadily having three bearish days out of five even despite a strong bullish run on the cryptocurrency market. though the downside seems to be driven mostly by technical factors as there are no clear fundamental reasons to feed the sell-off.
Moreover, Binance’s TrustWallet added Tezos support recently, which means that the coin holders can store their assets and still participate in the network’s governance.
Read more about it here.
Tezos’s technical picture
XTZ/USD bottomed out at $0.82 on Thursday and managed to claw back some ground to trade at $0.90. The initial resistance is created by $0.93-$0.9320 congestion zone that includes SMA200 (1-hour). Once it is cleared, the recovery may be extended towards $0.9540 (SMA50).
On the downside, we will need to see a sustainable move below $0.82 (the recent low) for the sell-off to gain traction with the next focus on $0.80 (SMA100, 4-hour) and $0.70.
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