Tezos Price Losing Steam After Dropping to Ascending Trendline?

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Over the past week, Bitcoinand altcoins have taken a serious hit and currently, Bitcoin is still down 7.09% since topping out at $10,485 on Feb. 13.

On Feb 15 as the entire market pulled back, Tezos dropped 22.62% but since Feb. 17 the altcoin has recovered 25.85% to trade at $3.50.

Above $3.95 Tezos is targeting its all-time high at $4.12 meaning the altcoin would be free to explore higher prices once knocking out the all-time high.

If a sharper pullback occurred, in the past the altcoin bounced at the 38.2% Fibonacci retracement level and also near the 50% retracement near $2.59 so traders will likely have targets in this area.

On the shorter time frame one can see that XTZ painted longer wicks, a sign of profit-taking, and the altcoin has descended into a pattern of lower highs but has yet to register a lower low.

The relative strength index also has pulled back from 70 to 55 as the price approaches the support at $3.50.

Some positive signs are the high volume node of the volume profile visible range at $3.50 and the fact that this level aligns with the moving average of the Bollinger Band indicator, which is where XTZ price has bounced in the recent past.

For the short-term traders will watch to see if the price holds at the $3.50 support.

While toppy, the uptrend remains intact but traders should keep an eye on trading volume and watch to see if the price drops below the 23.6% Fibonacci retracement level at $3.30 as this would be a break below the ascending trendline.

If the ascending trendline is broken, the daily timeframe shows the Bollinger Band indicator moving average at $2.83, not too far removed from the previous double bottom at $2.76 where the price bounced on Feb. 16 and Feb. 17.

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