The toplines for Tezos [XTZ] Prices Analysis are:
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.
XTZ/USD – Daily CHART – SHORT TERM
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).
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).
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.
Bitcoin traders are turning their attention to this week’s Federal Open Market Committee (FOMC) meeting.…
White House crypto czar David Sacks has shown his support for Donald Trump's nomination of…
Crypto firm Ripple has revealed that it is exploring new ways to use XRP within…
Kyrgyzstan has made a significant move in the adoption of digital finance. It has now…
Ripple-backed Evernorth's XRP treasury has grown to $1 billion just days after the company announced…
In fresh developments, the United States and China’s trade teams have commenced negotiations on the…