Since the outbreak of coronavirus, which exerted a devastating impact on the global financial system and, by association, the cryptocurrency market, the price behavior of nearly all representatives of cryptographic money has been unstable, so say the least, crashing all expectations of a prolonged bull market, which traders had been nurturing for the past several months.
XTZ got knocked down but is getting back on its feet
Tezos didn’t escape the correction as its seemingly smooth and impeccable uptrend architecture has been thrown in disarray, resulting in a 38% price drop after the 10th cryptocurrency had hit the ceiling at $3.9 on February 19. Nevertheless, the overall gains profile of XTZ remains hugely positive as the coin was appreciated by 67% in a month and 12% over the course of the past seven days.
1-week XTZ/USDT chart
The situation on the weekly time frame appears to be generally promising for Tezos as the price has established firm support at $2.6 -it has been closing at this level for three weeks. Should that level hold for another week, we could say with a bit more certainty that XTZ has found the bottom of the correction, so traders should be considering this region as a place to make an entry into a long position.