- Tezos surged by a total of 23% over the past 7-days of trading.
- The cryptocurrency has now reached resistance at a bearish .382 Fib Retracement at $2.14.
Tezos has been on an absolute rampage over the past few days after it managed to increase by a total of 23% to reach a high of around $2.20. The cryptocurrency surged from a low of $1.65 to reach the current trading level of $2.07.
It ran into resistance at a bearish .382 Fibonacci Retracement level and has since retraced slightly from here. Once this resistance is cleared, Tezos will likely make its way toward $2.50 and beyond.
XTZ Price Analysis
XTZ/USD – Daily CHART – SHORT TERM
Taking a look at the daily chart above, we can clearly see Tezos rebounding from support at $1.65 as it started to rally. It broke above resistance that it had been struggling with at $1.80 as it started to increase higher. The cryptocurrency continued to rise until meeting resistance at a bearish .382 Fibonacci Retracement level, priced at $2.14.
This bearish Fibonacci Retracement level is measured from the February high to the March low.
Short term prediction: BULLISH
After breaking the resistance at $1.80 and climbing above $2.00 Tezos can now be considered as bullish. It must break the resistance at $2.14 to continue this bullish run higher. If it was to drop back beneath $1.80, we could consider the market as bearish again.
From the above, the first level of resistance is located at $2.14. Above this, resistance lies at $2.31 (1.272 Fib Extension), $2.50 (bearish .5 Fib Retracement), and $2.65 (1.618 Fib Extension).
Toward the downside, support lies at $2.00, $1.80, and $1.70. Beneath this, added support lies at $1.50 and $1.40.
Support: $2.00, $1.80 $1.60, $1.50, $1.40, $1.20, $1.06, $1.00, $0.80, $0.78, $0.70.
Resistance: $2.14, $2.24, $2.40, $2.50, $2.64, $2.86, $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.