Tezos Back On The Bullish Run After Bouncing At $2.60.

By Yaz Sheikh
Published March 5, 2020 Updated March 5, 2020
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Tezos Back On The Bullish Run After Bouncing At $2.60.

By Yaz Sheikh
Published March 5, 2020 Updated March 5, 2020
  • Tezos has seen a very strong 12.5% price increase over the past 24 hours of trading as it reaches $3.20.
  • This latest price increase makes it the strongest performing cryptocurrency out of the top 40 ranked projects.

Tezos managed to increase by a total of 12.5% over the past 24 hours of trading after finding support at $2.60 which was provided by a .5 Fibonacci Retracement level. The cryptocurrency is now back on the move as it sets its sights to reapproach the 2020 price highs.

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The cryptocurrency is now up by over 160% since the start of the year as it is currently ranked in the 10th position with a total market cap valuation of $2.23 billion.

XTZ Price Analysis

XTZ/USD – Daily CHART – SHORT TERM

cg-xtzusd-march5
XTZ/USD – DAILY – Source: TradingView

Market Overview

XTZ had been on a very strong price rally during February 2020 as it increased by over 150% to reach a high close to $4.00. It then rolled over slightly to retrace after mid-February as it dropped into support at $2.60, provided by the .5 Fibonacci Retracement level.

It has now rebounded since reaching this support as it looks to make an attempt at the 2020 highs once again.

Short term prediction: NEUTRAL

Tezos is now considered to be neutral and would need to close above $3.80 before it can be considered as bullish.

If the bulls can break the current resistance at $3.30, higher resistance lies at $3.50, $3.60, and $3.80. Above this resistance is expected at $4.00.

IF the bullish pressure can continue to drive Tezos above $4.00, added resistance can be expected at $4.20, $4.48, $4.50, $4,70 (1.272 Fibonacci Extension level), and $5.00.

On the other hand, if the sellers push lower, the first level of support lies at $3.00. Beneath this, support lies at $2.92 (.382 Fib Retracement), $2.60 (.5 Fib Retracement), and $2.60.

Key Levels

Support: $3.00, $2.92, $2.60, $2.50, $2.29, $2.00, $1.83.
Resistance: $3.32, $3.50, $3.60, $3.70, $4.00, $4.20, $4.48, $4.70, $4.80, $5.00.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Yaz Sheikh
182 Articles
Yaz is a cryptocurrency technical analyst and has been actively trading financial markets for over 7years, with 4 years of crypto experience. He is an Economics graduate who has taken a keen interest on the future potentials of blockchain in the financial industry. Aside from cryptocurrency and trading Yaz enjoys spending his time watching his favourite football team (Liverpool F.C.) compete as well as keeping up-to-date with the UFC. Follow him at @TcmYaz.

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