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Tezos XTZ Testing support level with wider negative stance.

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Founded in 2014 by Arthuer and Kathleen Brighman, it is one of the first altcoins to be made since the birth of BTC. The duo sought to bring an innovative take on the industry that Bitcoin had the main hand in developing. 

Outlook current on Tezos still marks negatively after the first instance of profit booking in October of 2021. Time is currently the only thing that can remain certain on the development of the coin’s value. It has, since October 2021 been in a downward trend despite some investors keeping positive sentiment. The current value has been dancing closely above one of its support levels at $1.20 since May 2022. 

Sentiment towards Tezos price strengthening has been to the detriment of some investors looking to make short term gains. RSI has been inching closer to neutral territory with higher transaction volumes. Upside potential has been indicated by the MACD indicator which hasn’t generated a bearish crossover yet. 

XTZ has been stumbling from its $9 high since last October.  Breaching the $1.18 would callback to a previous struggle it had at the $2.7 level.  tHE 50 DMA curve and increased buying sentiment would be critical in order for the coin to reach decent bullish momentum. Failure to consolidate with this set criterium could result in the coin’s value free falling.

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