Tezos token XTZ trades near $2.13, a recovery from yesterday's lows around $2.04, though the token remains 5% lower over the past 24 hours. Technical patterns hint at a potential 20% bounce toward $2.
Tezos token XTZ trades near $2.13, a recovery from yesterday's lows around $2.04, though the token remains 5% lower over the past 24 hours. Technical patterns hint at a potential 20% bounce toward $2.20 if buying momentum sustains.
A week of decline has exhausted bulls attempting to breach a stubborn resistance level. On the hourly chart, an ascending parallel channel is forming, with the SMA50 and SMA100 acting as immediate obstacles. The RSI has ticked upward, signaling a bounce is probable. A break above those moving averages would likely send traders toward $2.20.
The 4-hour timeframe presents a healthier setup. Three consecutive green candles with higher lows show bulls defending after falling through the SMA50, SMA100, and SMA200. The moving averages cluster between $2.18 and $2.22. A break above this zone opens the path to $2.40 as the next target. The MACD shows bullish divergence while the RSI has climbed out of oversold territory.
The bearish scenario arrives if selling cracks the lower boundary of the ascending channel. Buyers would need to hold $2.10. A breach sends XTZ lower to $2.04, with $1.90 as an extended target.
The broader altcoin market is selling off as Bitcoin holds above $12,000, pulling in the majority of capital flows. Ethereum has lost 3% relative to Bitcoin and faces pressure if the dollar price sinks below $350. Zcash and NEM suffered the worst, both down over 10% in a day. ChainLink, Filecoin, and Crypto.com Coin each fell between 4% and 7%. Among the top 20 tokens, Tron managed a 3.5% gain and Litecoin posted 1.6%, but most others are underwater.
Nearly $2 billion drained from the total altcoin market capitalization within 24 hours. Bitcoin's dominance index hit 60.6%, showing the concentration of capital.
