Tezos Price Analysis: Why XTZ/USD Pullback Will Relaunch Attack on $3.5?

12 Feb, 2020 Updated 12 Feb, 2020

By John Isige

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John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

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Tezos price rockets to new yearly highs at $3.44.
Tezos must find support above $3.0 to allow the bulls to focus on achieving new highs above $3.50.

Tezos continues to fly the bullish flag pattern above the cryptocurrency horizon. In the last couple of months, Tezos has been able to close consecutive weeks with impressive gains. Besides, new yearly highs have been posted week after week.

In the last 24 hours, Tezos has advanced greatly growing more than 23%. Tezos managed to clear the resistance at $3.0. The move opened the door for more gains towards $3.5. However, the momentum lost momentum, forming a high at $3.44.

XTZ/USD daily chart

Tezos has corrected to $3.24 (market value) at the time of writing. In spite, of the adjustment, the Relative Strength Index (RSI) is still trending upwards. Therefore, Tezos could hold on the gains a while longer.

If support is established above $3.0, the bulls will have the time to focus on higher levels ranging from $3.50 towards $4.0. As long as the gap between the 50-day SMA and the 200-day SMA continues to widen, the buyers’ confidence will not waver.

XTZ/USD daily chart

Spot rate: $3.26

Relative change: 0.3328

Percentage change: 11.37%

Trend: Bullish

Volatility: High

Support: $3.20 and $2.80

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.