Crypto Technicals: Tezos (XTZ) pullback finds support at 110-EMA, spikes over 6% to break major resistance, bias higher

XTZ/USD chart - Trading View

Exchange - Kraken

Technical Analysis: Bias turning bullish

GMMA Indicator: Major Trend - Bullish; Minor Trend - Turning Bullish

Overbought/ Oversold Index: Neutral

Support: 1.2506 (110-EMA); Resistance: 1.3966 (50-DMA)

Tezos has edged slightly lower from session highs at 1.3869, bias is turning bullish.

XTZ/USD was trading 4.71% higher at 1.3621 at 11:15 GMT, after closing largely unchanged in the previous session.

Tezos had bucked the general crypto-market trend to surge higher since end-October. The surge peaked at 1.8476 (Dec 13), when the pair started reversing.

The pullback has found support at 110-EMA and daily cloud. Retrace has held above 200-DMA. Major trend is bullish and minor trend is turning bullish.

The pair, after a brief consolidation has resumed upside and price action has broken above strong resistances (21 and 55 EMAs).

Technical indicators are turning bullish. RSI is now biased higher and Stochs are on verge of rollover from oversold levels.

50-DMA is immediate resistance at 1.3966. Break above eyes 38.2% Fib at 1.4627 ahead of 61.8% Fib at 1.6097.

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