Tezos Meltdown, will XTZ Rest Q1 2022 Lows of $3?

Tezos is down four percent in the last trading day, finding a ceiling at $3.3. With strong selling momentum, XTZ may drop to retest Q1 2022 lows of $3. Past Performance of Tezos The Tezos coin is trading at new 2022 lows and under significant selling pressure. Currently, XTZ is down five percent in the previous trading day, losing four percent in the past trading week and trailing the rampant USDT. Considering the general state of the crypto market, sellers may force the coin lower if buyers fail to rewind recent losses and drive the coin back above last week’s highs of around $3.3. Tezos Technical Analysis Overall, sellers are in control as per the XTZ candlestick arrangement in the daily chart. The immediate resistance line is $3.3, while support stands at $3. XTZ price action is within a bear formation with $3.3 coinciding with the 61.8 percent Fibonacci retracement level of the April 4 to 10 trade range. The reversal from this level points to strong downward momentum. As a result, traders may find selling opportunities on every pullback. A close below $3 may see XTZ crater to July 2021 lows of $2. On the reverse side, a high volume close above $3.3 will prop optimistic buyers, opening the door for a possible retest of April 2022 highs of $4.6. What to Expect from XTZ? The coin remains under pressure at spot rates with an immediate ceiling of $3.3. As per the candlestick arrangement in the daily chart, XTZ may retest Q1 202...