- Tezos saw a sharp 9% price drop over the past 24 hours of trading as the cryptocurrency drops into the $1.54 price level.
- It has struggled with resistance at $1.80 for the past few days which caused the coin to roll over.
Tezos dropped by 9% today as the cryptocurrency dropped from $1.80 to reach $1.54. The cryptocurrency is trading above a short term rising trend line but if it breaks beneath, we might see Tezos headed toward $1.30 again.
Tezos still remains ranked in the 10th position as it holds a $1.08 billion market cap valuation.
XTZ Price Analysis
XTZ/USD – Daily CHART – SHORT TERM
Taking a look at the daily chart above we can see that Tezos dropped from a high of around $3.35 during March to fall as low as $1.30 throughout the market collapse. It has since rebounded from here and started to make higher closes each day as it trades above a rising trend line.
However, over the past few days, the cryptocurrency has been struggling to break resistance at $1.80, which is provided by a bearish .236 Fibonacci Retracement level, causing the coin to roll over and drop to the support at the rising trend line.
Short term prediction: NEUTRAL/BEARISH
Tezos is trading within a consolidation pattern, however, a drop beneath the trend line would certainly send it in the bearish trajectory.
IF we break beneath the trend line, the first level of support is located at $1.40 which is provided by the long term .786 Fibonacci Retracement level. Beneath this, support lies at $1.30, $1.20, and $1.06 (.886 Fibonacci Retracement level).
On the other hand, if the buyers can rebound from this support trend line and push higher, the first level of resistance will lie at $1.84. Above this, resistance is to be expected at $2.00, $2.24 (bearish .382 Fib Retracement), $2.40, and $2.56 (bearish .5 Fib Retracement level).
The RSI is showing weakness as it turns away from the 50 level and heads downward to show that the sellers are still in charge of the market momentum.
Support: $1.50, $1.40, $1.20, $1.06, $1.00, $0.80, $0.78, $0.70.
Resistance: $1.84, $2.00, $2.24, $2.40, $2.56, $2.80, $2.89, $3.00.
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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.