Tezos Price Loses Momentum After Declining To Ascending Trendline

The Tezos price loses momentum as, throughout the previous week, Bitcoin (BTC) and other cryptocurrencies have experienced a hit and at this moment, Bitcoin (BTC) is still down 7.09% since the peaking at $10,485 on February the 13^th as we are reading in the Tezos price news.

Many of the other cryptocurrencies that experienced the suffering of the correction are currently healing their positions and the double-dip correction of the previous week looks like it makes investors nervous about investing again in cryptocurrencies. On February 15^th the whole market went down, Tezos (XTZ) has fallen 22.6% but from February the 17^th the crypto has grown 25.85%, to be traded at the level of $3.50.

Since the beginning of 2020, Tezos has grown 199.52% and for most of the previous two weeks, analysts have warned about the parabolic rally that can be over at any moment and that after it a very hard retrace could follow. Over $3.95 Tezos is aiming its all-time high at $4.12 which means that the altcoin will have the freedom to explore higher prices once breaking the all-time high level.

At the time of writing this article, Tezos (XTZ) has support really close to the $3.53 level. If a harder pullback is to happen as seen in the past Tezos returned at the 38.2% Fibonacci retracement level ($2.91) and also near the 50% retracement near $2.59 so traders will probably have their aims set in this sphere.

On the 6-hour chart, we can notice that tezos price loses its momentum while the painter longer wicks, a sign of profit-taking, and that the crypto has fallen into a pattern of lower highs, nonetheless it has yet to suffer lower low. While toppy, the upward trend is still intact, but it is better for traders to watch trading volume and watch to see if the price falls below the 23.6% Fibonacci retracement level at $3.30 as this will mean the breakthrough the ascending trendline. If the ascending trendline is wrecked the daily timeframe shows that the Bollinger Band indicator moves average at $2.83, not too far removed from the double bottom seen before at $2.76 where the price jumped back on February the 16^th and 17^th.