On Nov 30, the team of Tezos announced several upgrades to the network like a shielding system for transactions and other anonymity features. Most investors expected Tezos price to see a significant spike after the announcement; however, the digital asset failed and had a breakdown below a trading pattern on the four-hour chart.
Tezos price fails to hold critical support level
On the one-hour chart, an ascending channel is formed since Nov 26 and was broken on Dec 1. The lower trendline of the pattern coincided with the 100-simple moving average (SMA), which added even more strength to the support level.
XTZ/USD one-hour chart
Unfortunately, Tezos price (XTZ) did slip below the lower trendline and touched $2.17 before re-testing it again several hours later.
Bulls were unable to climb above the 100-SMA and are trying to hold the 50-SMA. Losing it would quickly drive XTZ towards the low at $2.17.
XTZ/USD four-hour chart
On the four-hour chart, bulls have defended the 50-SMA two consecutive times and are trying to push Tezos price above the 100-SMA.
Cracking the moving average can quickly drive XTZ to a high of $2.55. Above this level, the next price target could be the 2020 high at $2.96.
Reprinted from FX Street. The copyright is reserved by the original author.
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