- Tezos continues moving upwards despite several retreats.
- The next bullish target is created by $3.35.
Tezos is on fire. The coin touched the intraday high at $3.16 and retreated to $3.00 by press time. XTZ stays on the 13th place of the global cryptocurrency market rating with the current market value of $2.2 billion and an average daily trading volume of $359 million. The coin has gained nearly 15% in the recent 24 hours.
XTZ/USD: technical picture
As we have previously reported, a sustainable move above $3.00 improved the technical picture and helped the upside momentum to gain traction. The next bullish aim comes at $3.35, which is the highest level since May 3; however, the price needs to clear $3.16 (intraday high) before we get that high.
On the downside, the initial support is created by a psychological $3.00. Once it is out of the way, the sell-off is likely to gain traction with the next focus on $2.85. This support is created by the previous congestion zone and a jumping-off ground for the bullish move. If it is broken, the downside momentum is likely to continue with the next focus on $2.70 (1-hour SMA50) and $2.60 (1-hour SMA100).
XTZ/USD 1-hour chart
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