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Crypto Technicals: Tezos (XTZ) struggles to extend bounce off major trendline support (0.82)

XTZ/USD chart - Trading View 

Exchange - Kraken

Support: 0.8200 (Trendline); Resistance: 0.9015 (21-EMA)

Technical Analysis: Bias neutral to slightly bullish

Tezos was rejected at session highs at 0.9193, retraces break above 21-EMA.

XTZ/USD has formed an inverted hammer on the daily candle at the time of writing, denting upside hopes.

On the downside, the price has bounced off major trendline support (0.8200). 

Technical indicators do not provide a clear directional bias. That said, bullish divergence keeps scope for upside.

Breakout at 21-EMA to see further gains. Major hurdles on th upside align at 0.9552 (50-DMA), 1.0392 (23.6% Fib) and 1.1618 (200-DMA).

Breach at major trendline support at 0.82 will plummet prices to fresh multi-month lows.
 

By Anupama Grandhi
  • Market Data
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