Tezos (XTZ) gained on shorter timeframes today but fell 4.7% overall, trading near $2.50 after hitting a low of $2.44. Bulls need to hold these levels on longer timeframes to confirm their bullish cas
Tezos (XTZ) gained on shorter timeframes today but fell 4.7% overall, trading near $2.50 after hitting a low of $2.44. Bulls need to hold these levels on longer timeframes to confirm their bullish case.
Daily weakness masks endorsement news announced September 15. France's Societe Generale-Forge picked the Tezos blockchain to develop the country's experimental central bank digital currency. Nomadic Labs, the research firm set to contribute to the project, attributed the selection to three core technical attributes: robust on-chain governance, proof-of-stake consensus mechanism, and officially authenticated smart contracts.
News of this type should support bulls. Selling pressure from the recent month-long decline continues instead, proving hard to shake.
In August, Tezos hit $4.50. Over the past month, the coin fell to $2.38. The broader trend remains upward, with a bullish signal emerging over the past three days. On shorter timeframes, though, the pair will struggle to break past $3.00.
The 4-hour chart shows several zones that matter. The 50% and 61.8% Fibonacci retracement levels sit at $2.56 and $2.60, where the 20-day and 50-day simple moving averages also cluster. A move above this area gives bulls the momentum they need to attack the 78.6% Fibonacci level at $2.90, which marks a critical resistance point defined by the recent swing between $2.90 highs and $2.30 lows.
If bulls break through that resistance, the path opens to $3.00, which validates the longer-term bullish outlook. A reversal instead sends Tezos back toward $2.30, the low from September 2nd. Further selling would push the pair to $2.00, where it bottomed in July. Even lower sits $1.70 from the March decline.
On the 1-hour chart, a bullish divergence is forming. The RSI is moving away from oversold territory, and the MACD has turned bullish. These signals suggest bulls might prevent Tezos from falling to its monthly lows.
