Tezos Price Analysis: XTZ/USD forced back to the drawing board at $1.00

• Tezos price tests $1.00 major support but rebounds above $1.50.
• XTZ/USD is still oversold with the RSI stuck under 30; buyers likely to take over in the near term.

Tezos bears have extremely outperformed themselves this time around. The cryptocurrency ascended to new all-time highs at $3.92 in February. Losses have been shattering over the last three weeks, however, the freefall on Thursday and early Friday session is the worst Tezos has ever faced in the history of its existence.

At the time of writing, XTZ/USD is trading at $1.4553 after a 36.80% loss in the last 24 hours and a whopping 54.76% decline in the last seven days. Despite the paralyzing fall, XTZ has managed to stay in the top ten with a market capitalization of $999 million and a trading volume that currently stands at $402 million.

The zone at $1.00 has stood out as key support. Meanwhile, the price has jumped above the resistance at $1.50. Buyers are gearing up for a reversal into the channel whose support was recently shattered at $2.00.

The RSI, however, is still oversold which means that selling pressure cannot be ignored. A reversal above 30 could encourage more buyers to join the market as sentiments improve. For now, Tezos bulls have to focus on defending $1.50 as a key immediate support and keep $2.00 in sight.

XTZ/USD 4-hour chart