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  • Tezos has fallen dramatically since hitting 3.94 on February 19th.
  • There is a gap that could be filled on the 4-Hour chart.

XTZ/USD 4-Hour Chart

Tezos is one of the best performing cryptocurrencies of the year. Now XTZ/USD has fallen from grace moving below the psychological 3.00 level. Looking at the chart below, The gap formed on February 11th may now be closing. Traditionally there is normally support at the gap and the price may move higher. The Fibonacci extension is also near the same level at the 1.618% close to 2.65 where the gap formed. Technically the pair is still in an uptrend and the price may need to make a few more lower high lower low waves to change this. It must be said that Tezos has not retraced as much as the rest of the crypto majors. This could be a good sign in the longer-term when the cryptocurrencies start to rise again.