Tezos, at the time of penning down this article, was trading at $2.7095 and has steadily retained support from 50-day and 200-day MA. Over the past 3 weeks, XTZ coin is holding strong support at $2.25 and is seen drawing a fine uptrend and is consolidating below 38.20% Fib Retracement level. Moreover, important to note that many altcoins have been trading sideways and lacking traction, but on the other hand, XTZ has been holding a moderate momentum.
Additionally, after the market crash in March, Tezos made an amazing recovery where it spurred above 38.20% Fib briefly. However, due to lack of traction in the mid of the ongoing month, Tezos price retested the 3-week long support at $2.25 but made an instant rebound as well.
Tezos Price Analysis
On the 24-hour chart, XTZ/USD is seen facing a lack of momentum in the intraday after rebounding from the monthly low marked at $2.25. Due to lack of steadiness, the price of the Tezos coin is consolidating below 38.20% Fib yet holding support from 50-day and 200-day MA. The coin has marked a YTD high at $3.96 in Feb 2020 before the market crash in March, and on the flip side, it marked the YTD low at 0.9990.
The technicals are appearing moderately bullish with no steep dip recorded followed by zero rebound, and thereby, the RSI of the XTZ coin is at 52.87 and appears flat due to lack of steady traction.