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  • Tezos defies a broad-based crypto selloff to record an 8.87% growth in 24 hours.
  • Tezos price remains relatively bull despite the resistance at $3.90.

The bloodshed in the cryptocurrency market seems to be taking a breather. The week’s trading has been mostly bearish with instances of bullish reversals. However, for Tezos the situation is a bit different considering the prominent 8.87% growth in the last 24 hours.

Following the dip from the all-time high at $3.94 (Fibo swing high), the price embraced the support offered by the 50 SMA on the 1-hour chart and the ascending trendline support. A reversal from the support defied the bearish pressure across the market as the price stepped above the resistance at $3.80. The barrier at $3.9 was too strong for the bulls and the trend culminated in a shallow correction to $3.76 (market value).

Tezos price technical picture

The bulls remain relatively in control despite the correction from the all-time high. There is a developing bullish divergence with the MACD likely to materialize in the current and next sessions. Besides, the wide gap the 50 SMA is making above the 100 SMA suggests that Tezos could remain in the hands of the buyers a while longer. However, I least expect rapid upward movements in the sessions on Thursday.

XTZ/USD hourly chart

 

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