Cryptocurrency market sentiment weakened yesterday after major U.S. indexes began to fall following comments from central bankers on concerns that the Fed would be reluctant to expire the rate hike cycle any sooner, despite falling inflation. In addition, the U.S. Department of Justice announced that it had initiated an investigation into Anatole Legkodymov, the head of the Hong Kong-registered Bitzlato stock exchange. Official informations about DoJ crypto investigation deepened sell-off sentiments. The exchange reprocessed funds worth hundreds of millions of dollars, a significant percentage of which was allegedly derived from criminal activity.
The Tezos cryptocurrency managed today to almost completely recover from yesterday's losses although Bitcoin is still struggling at the $21,000 level and is still trading around $20,800. Looking at the chart, we see that Tezos has once again approached key resistance near $1.04 where supply has prevailed over the past few days. A potential break above the resistance could give the cryptocurrency more fuel and take the price up to the area of $1.4 i.e. the price levels before the collapse of the FTX exchange. On the four-hour interval, the SMA100 (black) and SMA200 (red) moving averages crossed again on January 16, forming the so-called 'golden cross', which could give more fuel to the bulls. Previously, such an intersection occurred in mid-July 2022 and preceded a bull rally from levels of $1.5 to over $2. The RSI indicator is oscillating around 53 points, suggesting a neutral overbought level. If sellers, despite the bullish momentum, maintain the upper hand, the price could ultimately settle in the area of $0.7 where the previous minima are located.
Tezos, H4 interval. Source: xStation5
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