Tezos Price Analysis: XTZ rebounds off the the 61.8% Fibonacci level

• Tezos trades 5% lower after Wednesday’s strong push higher.
• The price has bounced off the 61.8% Fibonacci resistance zone.

XTZ/USD daily chart

Tezos has fallen around 5% on Wednesday after pushing 6.72% in the previous session. The price bounced off the 61.8% Fibonacci level and is now pushing lower. The interesting thing about the move is the fact that the price spiked up to the 3.00 psychological level. This may be where sell orders were lying in wait to bank some profits. 

Looking closer at the technicals now, the price is still trading above the 55 and 200 period moving averages. This is considered a bullish sign as the trend is still pointing in the right direction. The relative strength index indicator is also in a positive zone. It can be considered to be overbought here but this could just mean a small retracement is on the cards until the underlying trend prevails.