Crypto Technicals: Tezos tests 61.8% Fib, recovery attempts lack traction, 200-DMA at 0.8254 in sight

XTZ/USD chart - Trading View 

Exchange - Kraken

Support: 0.8254 (200-DMA); Resistance: 1.0529 (5-DMA)

Technical Analysis: Bias Bearish

Tezos edges higher from 12-week lows at 0.8801 hit on Thursday's trade.

The pair was trading at 0.9757 at 04:45 GMT, up 1.55% at the time of writing.

Major trend in the pair is bearish, recovery attempts lack traction, scope for further weakness.

Stochs and RSI show momentum is with the bears. 5-DMA is sharply lower and volatility is rising.

GMMA shows shift in trend with shorter-term moving averages slipping below the longer-term moving averages.

Bears likely to target next major support at 200-DMA at 0.8254. Violation there could see drag till 78.6% Fib at 0.6608.

On the flipside, 5-DMA is immediate resistance at 1.0529. Retrace above 110-EMA (1.1517) could see upside.

Previous article reference: https://www.econotimes.com/Crypto-Technicals-Tezos-struggles-at-55-EMA-break-below-110-EMA-11470-to-open-up-short-term-downside-1548485. 

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