- Analysing the intraday patterns on XTZ, 2.00 still does not look safe.
- The market has been rallying nicely in recent sessions and some technical signals are still positive.
XTZ/USD 1-hour chart
Tezos has been on a decent run in the last couple of session but now it looks like the momentum is starting to turn. One of our first clues is the divergence on the RSI indicator. This is when the market starts to make higher highs but the indicator makes a lower high. There are also some other negative signs. The volume is also looking stronger on the red down candles which means there could be more power behind the selling than there is the buying.
Looking at some other technical signs, the price is still trading above the 55 and 200 hourly moving averages. There has also been a strong defence of the 2.00 level. This was noted at around 1 pm London time when the bears were testing the zone the market pushed back up. At the time of writing there has been a big spike in volume on the buy-side to let’s see some of the bulls are coming in to break the stalling price pattern.
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