- Tezos increased by a total of 8% over the past 24 hours of trading.
- This price increase was largely helped by Bitcoin breaking above the $6,800 resistance level today.
Tezos increased by a total of 8% over the past 24 hours of trading as the cryptocurrency now trades at the $1.68 level. Tezos has surged higher today but continued to find resistance at the $1.85 level where it has been struggling all month long.
IF Tezos can break THIS $1.85 resistance, the market will be free to start the climb back toward the $2.50 level.
It still remains ranked in the 11th place as it currently holds a market cap valuation of $1.19 billion.
XTZ Price Analysis
XTZ/USD – Daily CHART – SHORT TERM
Taking a look at the daily chart above we can see that Tezos remains trading within the ascending triangle pattern that it has been stuck inside for the past 2-weeks of trading. The cryptocurrency had made an attempt to break above the upper boundary at $1.85 today but failed to do so which caused it to roll over and fall.
The upper boundary of this triangle is provided by a bearish .236 Fibonacci Retracement level that is measured from the February high to the March low.
Short term prediction: NEUTRAL
As Tezos remains trading inside the triangle, it is still considered to be neutral at this moment in time. The cryptocurrency recently found support at the lower boundary of the triangle earlier in the week but must break the upper boundary to turn bullish and head back to $2.50.
Once $1.85 is broken the next level of resistance is located at $2.00. Above this, resistance lies at $2.24 (bearish .382 Fib Retracement), $2.40, $2.50, and $2.56 (bearish .5 Fib Retracement).
Toward the downside, support lies at $1.60. This is followed by the lower boundary of the triangle. Beneath the triangle, support lies at $1.40, $1.20, $1.06, and $1.00.
Support: $1.60, $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.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
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.