- Tezos is performing well on Tuesday and performs better than most of the major coins.
- There is an Elliott Wave pattern forming and the wave 3 could sub divide.
XTZ/USD daily chart
Tezos has been one of the outperformers on Tuesday and the structure of the chart looks much better than most of the other major coins. As you can see from the daily chart below, the price bounced off the 50% Fibonacci level. 2.50 looks like it could be a good area of support longer-term and potentially 3.00 could be tested on the upside. On the downside, the green trendline could be an area of support if there is a deeper correction. Also, the 61.8% retracement and 1.618% extension are close together and could also provide an alternative support if the correction takes place.
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