Tezos Price Analysis: XTZ/USD moves within a sloping channel

• Tezos (XTZ) has rebounded from the intraday low.
• The coin's recovery is limited by 1-hour SMA100.

Tezos (XTZ) is the 12th largest digital asset with the current market value of $1.9 billion and an average daily trading volume of $79 million. The coin is changing hands at $2.59, down 2.5% on a day-to-day basis. XTZ/USD reached the recent recovery high at $2.68 on May 15 and has been sliding down ever since. The recent bottom was touched at $2.56 on Tuesday, May 16.

Tezos was launched by Arthur Breitman who previously worked as an analyst at Morgan Stanley. The project positions itself as a  is a multi-purpose platform for decentralized applications (DApps) and smart contracts. Tezos held an initial coin offering (ICO) in 2017 and raised $232 million. Now it is one of the largest digital projects that supports Turing complete smart contracts and combine a self-correcting protocol and on-chain governance.

XTZ/USD: Technical picture

On the intraday charts, XTZ/USD moved above 1-hour SMA50 at $2.59 and extended the recovery into the middle of the recent sloping channel with the upper boundary created by 1-hour SMA100 at $2.62. Once this level is out of the way, the upside is likely to gain traction with the next focus on the recent recovery high at $2.68 and $2.70, which is reinforced by 1-hour SMA100. The next short-term aim comes at a psychological $3.00.

On the downside, a move back below $2.59 will worsen the immediate forecast and allow for an extended decline towards $2.50. The next strong support comes at $2.43, which is the lowest level since May 15.

XTZ/USD 1-hour chart

Reprinted from FXStreet，the copyright all reserved by the original author.