Tezos (XTZ) price gets hammered on the back of a stronger dollar day. The greenback rallied on the back of war comments from Putin that he would mobilise 300,000 troops whilst calling the West a threat to Russia. Meanwhile, more and more backchanneling has begun between Russia and China, which puts the US on edge should both world powers team up against Ukraine. If that is not enough volatility for the markets, the Fed and the Boe still need to make their rate hike decisions this evening and tomorrow.
Tezos price action has tried to test the descending trend line of a bearish triangle for a fourth time today and has failed to break above it yet again. Although price action is currently not going anywhere, and the rhetoric this morning is quite harsh, it proves that there is some reluctance from bulls to give up on their positions. Once the Fed has made its call this evening, expect to see a quick nosedive move in Tezos towards $1.40.
XTZ price will continue to move in the bearish triangle until a catalyst, probably the Fed this evening, drives price action into the ground. $1.40 looks primed to break, and then there is not much room between $1.40 and $1.19, which is the low of 2022. At risk, therefore, is a print of a new low for 2022 in case bulls completely sell out, and with the Relative Strength Index (RSI) still quite elevated, plenty of room still until it reaches the oversold area.
XTZ/USD Daily chart
Although there are not many bullish signals to be filtered out of the current events in the markets or from a technical point of view, there is one element to take away as a bullish sign. Since Monday, price action has been trading in much smaller sizes. With lower and higher highs since Monday, a breakout could unfold with a penetration to the upside towards $1.60 in the offing.
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