Tezos Trades In Opposite Direction To Overall Market -Where To Next?

tezos price

Tezos Trades In Opposite Direction To Overall Market -Where To Next?

  • Tezos saw a small 3% price increase over the past 24 hours as it bucked the overall market decline seen within every other coin.
  • Tezos has now seen a 137% price increase over the past 30-days, making it the strongest performing top 20 cryptocurrencies.

Whilst the rest of the market takes a drop, Tezos has managed to remain in the positive digits after clocking a 3% price increase over the past 24 hours of trading. The cryptocurrency is currently trading at a price of around $3.64 and even managed to climb as high as $3.94 over the past 24-hours.

Tezos is ranked in the 10th position amongst the top cryptocurrency rankings as it holds a total market cap value of $2.56 billion.

Tezos Price Analysis

XTZ/USD – Daily CHART – SHORT TERM

cg-xtzusd-feb20
XTZ/USD – DAILY – Source: TradingView

Market Overview

Taking a look at the daily chart above, we can clearly see the epic rampage that Tezos has witnessed over the past few weeks. The cryptocurrency started the year beneath $1.40 but went on to climb as high as $3.94 in yesterday’s trading session.

The cryptocurrency found resistance during mid-Feb at around $3.55 as it dropped and found support at $3.00. It has now climbed above this resistance as it reached $3.94 before dropping to the $3.64 level.

The bulls remain solidly in control over the market momentum and we should expect to see some further rises from Tezos.

Short term prediction: BULLISH

The cryptocurrency remains bullish, especially after creating a 2020 high just yesterday. It would need to drop beneath $2.60 for this bullish trend to be in danger of becoming invalidated.

Looking ahead, if the bulls manage to close today above $3.60 we can expect higher resistance at $3.80 and $3.94 (1.272 Fib Extension). This is followed by additional resistance at $4.00.

If the bulls can break $4.00, resistance is then expected at $4.16 (1.414 Fib Extension), $4.25, and $4.47 (1.618 Fib Extension).

On the other hand, if the sellers push beneath $3.60, support lies at $3.55 and $3.50. Beneath this, additional support is located at $3.31, $3.20, $3.00, and $2.92.

Key Levels

Support: $3.60, $3.55, $3.50, $3.31, $3.20, $3.00, $2.92.

Resistance: $3.80, $3.94, $4.00, $4.16, $4.25, $4.47, $4.66.

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Tezos Trades In Opposite Direction To Overall Market - Where To Next?
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Tezos Trades In Opposite Direction To Overall Market - Where To Next?
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Tezos saw a small 3% price increase over the past 24 hours as it bucked the overall market decline seen within every other coin. Tezos has now seen a 137% price increase over the past 30-days, making it the strongest performing top 20 cryptocurrencies.
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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 124 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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