Tezos Price Analysis: The 38.2% Fib ratio holds but for how long?

• Tezos trades nearly 5% lower on Monday as the whole crypto market suffers.
• The price bounced off the 38.2% Fib but broke a key trendline.

XTZ/USD 4-hour chart

Tezos has been pulling back recently but recently found support at the 38.2% Fibonacci resistance. The support level at 2.30 matched the aforementioned Fib zone and it seems like if the price breaks below that there could be a broader-based sell-off.

Looking at the technical indicators, The volume also picked up on the sell-side and this is a negative signal. The relative strength index indicator is also looking very negative under the 50 mid-point. Also, looking at the moving averages too the price has broken under the 55 and 200 which is also a bearish signal.