XTZ Price Analysis: Tezos [XTZ] Drops Slightly But Finds Strong Support At 100-Days EMA

Published May 15, 2020 | Updated May 15, 2020

Tezos

XTZ Price Analysis: Tezos [XTZ] Drops Slightly But Finds Strong Support At 100-Days EMA

The toplines for Tezos [XTZ] Prices Analysis are:

  • Tezos saw an 8% price decline this week as it drops to the $2.50 level.
  • The cryptocurrency fell from a high of $3.00 which was seen earlier in the week.

Tezos saw a 8% price drop over the week after it fell from the $3.00 level to reach the current $2.50 level. The cryptocurrency spiked as low as $2.20 during the week where it managed to find some strong support at the 100-days EMA. It rebounded from here and closed above the $2.40 level which allowed it to slowly grind back toward $2.50.

Tezos is ranked in the 10th position as it currently holds a $118 million market cap valuation.

Tezos [XTZ] Price Analysis

XTZ/USD – Daily CHART – SHORT TERM

cg-xtzusd-may15
XTZ/USD. Source: TradingView
  • Market Overview

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Analyzing the daily XTZ Price Analysis chart above, we can see that Tezos was trading sideways between $3.00 and $2.60 for the first 10-days of May 2020. Over the weekend, Bitcoin had dropped from $9,600 to $8,600 and this caused Tezos to drop quite steeply as it fell from $3.00 to reach as low as $2.20 where it found support at the 100-days EMA.

It rebounded from this support and climbed back above the $2.50 level. However, it seems to be struggling to pass the resistance at $2.74 now (1.272 Fib Extension).

  • Short term prediction: NEUTRAL

The drop beneath $2.40 turned Tezos neutral. The coin will now have to close above the $3.00 to turn bullish again. A break beneath $2.20 is likely to put Tezos in danger of turning bearish in the short term.

If the sellers push lower, the first level of support is located at $2.40. Beneath this, support lies at $2.34 (.382 Fib Retracement), $2.20 (100-days EMA), and $2.07 (.5 Fib Retracement).

On the other hand, the first level of resistance lies at $2.74 (1.272 Fib Extension). Above this, resistance is located at $2.93 (.1414 Fib Extension), $3.00, and $3.20 (1.618 Fib Extension).

  • Key Levels

Support: $2.50, $2.40, $2.34, $2.20, $2.07, $2.00, $1.80.
Resistance: $2.74, $2.94, $3.00, $3.20, $3.37, $3.68.

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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.
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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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