XTZ Price Analysis: Bears Take a Breather on XTZ/USD As Price Swings Past $2.6, Tezos Becomes 2020 Altcoin With “STO Pipeline” Projects

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*Bears are taking a breather on XTZ/USD at the time of writing as price swings past $2.63
*Tezos has since attained about 30 percent after the COVID-19 triggered sell-offs
*The number of “STO Pipeline” projects that are in the process of being activated as it returns to becoming Altcoin 2020 is a critical element driving interest in Tezos.

XTZ/USD Daily Chart

The bulls may also have to pull off over $2.90 in the resistance zone to have some optimism of advancing to the highs. Once the price climbs back beyond this horizontal line, a fantastic bullish action should be expected. The alternative shift is that unless this line of resistance proceeds to suppress bullish momentum, Tezos may likely see another price decline towards sub $2.00.

XTZ/USD 4-Hour Chart

The corrective target was correctly hit at the 161.8 percent area and now the price is going back to the previously mentioned resistance zone as seen on the daily. The good news is the higher recent move as price push past the MA 50 and MA 200 has been seen. Although there is a divergence on the relative strength index and price as seen in the short-term trend, which means that certain downside correction still exists.

Image Credit: Shutterstock

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