The XTZ/USD price analysis shows a 2 percent drop in only a few minutes and the pair will now be testing the $3.00 price range as we are reading more in the latest Tezos news.
The XTZ/USD price analysis shows there was a sharp decline with a slight growth on Thursday and now the coin is testing the critical support created 200-day SMA at the $3.00 level. Tezos reached an intraday high of $3.23 and retreated to the psychological level of $3.00as the coin lost more than 2% in a matter of minutes but the bullish momentum decreased while approaching the strong support within the 200-hour SMA. Once this level is broken, the previous channel support of $2.90 will come into focus and the next critical barrier will be created with a combination of 50-day and 100-day SMA at the $2.70 level.
This pace will also slow down as the bears created a pre-condition for a bullish wave. On the upside, the initial resistance is created by the high of $3.23 and the sustainable move above the area is needed for the upside to continue increasing with the next focus of the recovery to the $3.34 price level. The recovery could be extended to the $3.95 level which is the highest one for this year. Tezos is the 13th largest digital asset with the current market value of $2.29 while the average daily trading volume registered more than $161 million. Despite the retreat, the coin is still at 1.7% higher than a week ago.
The previous weekly reports showed that the weekly price action for XTZ and it can be seen that the findings are bullish considering the three higher highs that were forming in the past 2 months. The Tezos long-term price analysis shows that things are turning bullish especially for altcoins. The weekly charts suggested that a close above $3.21 will be bullish for the asset but anything below the level could have a chance of retracement. If there’s an unsuccessful close above $3.21 will push the price down to $2.77 which is a 13% drop.
XTZ utilizes a proof-of-based consensus model that isn’t dependent on mining for its blockchain protocol, unlike Ethereum. Tezos employs a democratic model where stakeholders have a hand in managing the protocol which is known as the self-amending blockchain.
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