Tezos price has been relatively resilient during this week’s massive sell-off. The XTZ price has risen by more than 8.50% in the past seven days and by 1.8% in the past 24 hours. That is in contrast to other currencies like Bitcoin whose price has fallen by 20% in the past week.
What is happening: The price of cryptocurrencies has been in a large sell-off in the past few days as investors weigh the upcoming policy framework. That happened after Janet Yellen made the case against the currencies, arguing that they are used to fund crime.
Also, there are concerns that the Biden administration will abandon Trump’s light-touch regulatory approach and add more. This could curtail the adoption of these currencies.
Tezos price performance: Tezos price has done well in the past few months. This year alon, the XTZ price has risen by more than 40%, bringing its total market cap to more than $2.15 billion. This makes it the 19th biggest digital currency in the world. It has risen by about 80% in the past year, meaning that it has lagged other currencies.
The Tezos price is trading at $2.7, which is above this week’s low of $2.30. On the four-hour chart, we see that the price is being supported by the 15-day and 25-day EMAs. It is also slightly above the ascending black trendine.
Therefore, in my view, the price will remain in a bullish trend so long as it is above the trendline and the moving averages. If this happens, the next level to watch will be the resistance at $3.00. If it moves above this level, there’s a possibility that it will reach the monthly high at $3.20. On the other hand, a drop below this week’s low of $2.30 will invalidate this trend.