Crypto Technicals: Tezos (XTZ) extends weakness below 200-DMA, eyes major trendline support at 0.83

XTZ/USD chart - Trading View

Exchange - Kraken

Support: 0.83 (Trendline); Resistance: 1.0749 (200-DMA)

Technical Analysis: Bias Bearish

Tezos consolidates break below 200-DMA, trades 0.98% lower on the day at 1.0213 at 09:00 GMT.

The pair is extending weakness for the 5th straight week. Trades below 21W EMA, bias remains bearish.

Price action has slipped below cloud and major moving averages. Stochs and RSI are sharply lower and RSI is well below 50 mark.

The pair hovers around 78.6% Fib, next bear target lies at 88.6% Fib at 0.9276 ahead of major trendline support at 0.83.

That said, bullish Stochastics divergence keeps scope for upside. Break above 200-DMA could see upside resumption.

TokenPost | [email protected]