Tezos Reaches Fresh April Highs But Can We Reach $3.00 By Month’s End?

By Yaz Sheikh
Published April 19, 2020 Updated April 19, 2020
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Tezos Reaches Fresh April Highs But Can We Reach $3.00 By Month’s End?

By Yaz Sheikh
Published April 19, 2020 Updated April 19, 2020
  • Tezos saw a 3.6% price decline today as it drops into the $2.25.
  • Prior to this drop, Tezos reached a fresh high for April at around $2.40. 

Tezos dropped by a small 3.6% today as the cryptocurrency heads toward the $2.25 level. The cryptocurrency had reached a fresh high for April after breaking the resistance at $2.15 and climbing close to the $2.40 level.

This break above $2.14 has now put Tezos on the bullish footing after it increased by a total of 33% over the past 30-days. Tezos remains ranked in the 10th position as it currently holds a total market cap value of around $1.61 billion.

XTZ Price Analysis

XTZ/USD – Daily CHART – SHORT TERM

XTZ/USD. Source: TradingView

Market Overview

Taking a look at the daily chart above, we can see that Tezos broke the previous resistance at $2.14 yesterday to climb higher. This resistance was provided by a bearish .382 Fibonacci Retracement level and had caused problems for the coin earlier during April.

After breaking this resistance, Tezos continued higher to reach the resistance at around $2.32 which is provided by a 1.272 Fibonacci Extension level. It has dropped slightly from here today as it reaches $2.25.

Short term prediction: BULLISH

Tezos remains strongly bullish and even more so after breaking the $2.15 resistance level. To turn bearish, Tezos would have to drop beneath $2.00 and fall below $1.80.

If the bulls can regroup and push above $2.31 and $2.40, higher resistance is located at $2.50, where lies the bearish .5 Fib Retracement level. Above this, resistance lies at $2.64 (1.618 Fib Extension) and $2.86 (bearish .618 Fib Retracement).

Alternatively, if the sellers push lower, the first level of strong support lies at $2.15. Beneath this, added support is found at $2.00, $1.80, and $1.70.

Key Levels

Support: $2.15, $2.00, $1.80 $1.60, $1.50, $1.40, $1.20, $1.06, $1.00, $0.80, $0.78, $0.70.
Resistance: $2.24, $2.32, $2.40, $2.50, $2.64, $2.86, $2.89, $3.00.

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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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