Tezos News Today – Headlines for February 1

  • Tezos is showing signs of exhaustion
  • XTZ may reverse its recent bullish run due to exhaustion
  • Tezos could initiate a new uptrend if it breaks its 15-day MA

Tezos News Todaya closer look at the crypto charts shows that since January 3, the sum of $80 billion was injected into the market. This significant inflow of capital changed things for most of the assets. It allowed most of the major digital currencies in the market to record significant gains since that date. This ensured that the overall market sentiment for crypto was bullish. Among the top gainers during this time are Tezos, EOS, and Chainlink.

These assets have seen their value increase by 37%, 80%, and 73% respectively in that period. However, it will appear that the bullish sentiment resulted in the Crypto Fear and Greed Index. This occurs when the sentiment becomes over-exuberant after which chances of a retracement become stronger. Tezos, our focus for the day is exhausted and It is only a matter of time before the asset posts a correction.

Tezos May Reverse its Recent Bullish Run Due to Exhaustion

A look at the chart shows that a bearish impulse could bring Tezos below to the 78.6% Fib retracement area. If the coin breaks below this price hurdle, it could initiate a rise in selling pressure, pushing it to the 61.8% Fib retracement position at $1.53 which is the next support area. This price position may also be the area where the 15-day MA sits.

Due to XTZ’s high spikes in volume via the 12-hour chart, a bullish outlook can’t be overlooked. Meaning, if Tezos can close decisively above the $1.71 area, it would climb to test the $1.84 area which is a resistance position. It is important to indicate that this position which is a resistance has managed to hold Tezos price from moving further since September of 2018. Hence, breaking above that point could prepare the stage for the coin to enjoy an upward movement.

Tezos Could Initiate a New Uptrend if it Breaks its 15-day MA

Tezos’ 15-day MA has predictive price powers. Whenever XTZ/USD moves below this MA it enters a bearish pattern. Conversely, if XTZ/USD breaks above the 15-day MA, it could initiate a new uptrend. Tezos price is up by 34% since closing above its 15-day MA on January 14. Since that time, this lagging indicator has been serving as support.

The TD sequential indicator shows a sell signal via the tokens 12-hour chart. If this is validated, Tezos could nosedive to the 15-day MA support. This bearish pattern was given as a green nine candlestick. Hence, before the bulls can continue, we should see a 1 to 4 candlestick correction.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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