Crypto Technicals: Tezos (XTZ) below 200-DMA and cloud, scope for further downside

XTZ/USD chart - Trading View

Exchange - Kraken

Support: 0.9276 (88.6% Fib); Resistance: 1.0561 (200-DMA)

Technical Analysis: Bias Bearish

XTZ/USD has slipped below daily cloud and break below 200-DMA opens up downside.

GMMA indicator however does not support a clear downtrend. Longer-term MAs are grinding sideways.

Further, stochs have approached oversold levels raising scope for some pullback.

That said, recovery attempts lack traction. 200-DMA now offers strong resistance.

Only decisive break above 200-DMA (1.0561) could see some upside continuation.

The pair is trading marginally higher on the day at 1.0169 at 10:30 GMT. Resumption of weakness will see test of 88.6% Fib at 0.9276.

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