The bear market is overwhelming as altcoins trade below their moving averages. In other words, cryptocurrencies are in a downward correction at the bottom of the chart. The biggest losers among the altcoins are trading and buying at lower levels, while the upside is hindered below the moving averages.
Tezos has been making an upward move but it is facing resistance at $3.50 high. The candlesticks are indicating long wicks. This implies that there is strong selling pressure at the $3.50 resistance zone. In a similar price action, on February 5 and 6, the bulls were repelled as XTZ slumped to $3.10 low.