Search ForexCrunch
  • Tezos (XTZ) has been losing ground on Firday.
  • The critical support is created by daily SMA100.

Tezos (XTZ) dropped to $2.45 ahead of the European opening on Friday. The coin has lost over 1% of its value in a matter of minutes amid increased bearish pressure across the board. At the time of writing, XTZ/USD is changing hands at $2.47, the coin has lost over 4% on a day-to-day basis. Tezos is the 12th largest digital asset with the current market value of $1.82 billion. An average daily trading volume is registered at $102 million.

XTZ/USD: Technical picture

on the intraday charts, the initial resistance is created by psychological $2.50. It is closely followed by $2.52, which is the lowers level of the previous day, and 1-hour SMA50 at $2.56.  A sustainable move above this area is needed for the upside to gain traction and take the price towards $2.66. This barrier coincides with the lower line of the previous consolidation channel.

On the downside, the first support comes at the above-mentioned intraday low of $2.45. However, a stronger hurdle is created by daily SMA100 at $2.24. The coin has been trading above this MA since mid-April. 

XTZ/USD 1-hour chart