Tezos Drops By A Steep 8% Over 24 Hours – Will The Bulls Push Back Above $3.00?

tezos gains all-time high
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Tezos Drops By A Steep 8% Over 24 Hours – Will The Bulls Push Back Above $3.00?

  • Tezos dropped by a total of 8.55% over the past 24 hours of trading as the cryptocurrency drops beneath the $3.00 level. 
  • It has managed to find support at a .382 Fibonacci Retracement level, however, the momentum has shifted in favor of the bears.

Tezos dropped today by a steep 8.55% bringing the price for the coin beneath $3.00 to reach $2.92. The cryptocurrency found support at an expected .382 Fibonacci Retracement level as it battles to get above $3.00 again.

This retracement should have been anticipated considering the fact that Tezos has managed to increase by a total of over 210% from low to high in 2020. Despite the recent price fall, it is still up by a total of 101% over the past 30-days of trading.

Tezos remains ranked in the 10th position as it holds a market cap value of $2.10 billion.

Tezos Price Analysis

XTZ/USD – Daily CHART – SHORT TERM

cg-xtzusd-feb25
XTZ/USD – Source: TradingView

Market Overview

Since our last analysis, we can see that Tezos was never able to really break the resistance at $3.60. It did spike higher to reach the resistance at $3.94, provided by a 1.272 Fibonacci Extension level, however, it quickly rolled over to close beneath $3.60.

After reversing from the aforementioned resistance, we can see Tezos falling as it broke beneath $3.30 to reach lower resistance at the .382 Fibonacci Retracement level priced at $2.91.

Short term prediction: BULLISH

Tezos remains bullish but a break beneath $2.92 would probably turn it neutral.

If the market drops beneath $2.92, support is located at $2.80, $2.68 (downside 1.272 Fib Extension), $2.60 (.5 Fib Retracement), and $2.38 (downside 1.618 Fib Extension).

On the other hand, if the buyers rebound from $2.92 and push above $3.00, resistance lies at $3.20, $3.31, $3.55, and $3.60. 

The RSI is beneath the 50 level to show momentum is in the seller’s favor.

Key Levels

Support: $2.92, $2.80, $2.68, $2.60, $2.55, $2.38, $2.28, $2.20 .

Resistance: $3.20, $3.31, $3.55, $3.60, $3.80, $3.94, $4.00, $4.16, $4.25, $4.47, $4.66.

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Tezos Drops By A Steep 8% Over 24 Hours - Will The Bulls Push Back Above $3.00?
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Tezos Drops By A Steep 8% Over 24 Hours - Will The Bulls Push Back Above $3.00?
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Tezos dropped by a total of 8.55% over the past 24 hours of trading as the cryptocurrency drops beneath the $3.00 level.  It has managed to find support at a .382 Fibonacci Retracement level, however, the momentum has shifted in favor of the bears.
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Author: Yaz Sheikh

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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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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