7 hours ago | Michael Fasogbon
Key Highlights:
- Tezos dropped to 12th position on the market cap after Tron overtook its 11th position overnight.
- The channel break on the daily chart is causing a lot of bearish pressure as it might get worse if the price crosses $1.15 support.
- If buyers reclaim $1.40 resistance, XTZ would resume bullish.
| ⠀Tezos price: | $1.25 |
|---|---|
| ⠀Key XTZ resistance levels: | $1.40, $1.60, $1.80 |
| ⠀Key XTZ support levels: | $1.15, $1, $0.8 |
*Price at the time of writing
Tezos Long Term Price Prediction: Bearish
So far, the late 2019 recovery has brought some significant gains for Tezos against the US Dollar. After witnessing reaching a peak of $1.85 in mid-December 2019, the price of XTZ got rejected due to overbought and it was too expensive for the buyers; so they got discounted.
Not just that, the series of higher highs and higher lows was formed in a channel boundary before the price breakdown. Now, Tezos is approaching an immediate grey support area of $1.15 – where the buyers are waiting for a possible rejection to confirm buy-back at $1.40, $1.60 and $1.80 resistance.
If the price fails to bounce at $1.15, Tezos would continue to fall at subsequent grey horizontal support area of $1 and $0.80. But as it stands now, the XTZ is sunder a bearish pressure but there’s still hope for a bullish continuation as well. That will come as soon as volumes flow back into the market.
Tezos Medium Term Price Prediction: Bearish
The 4-hours chart for Tezos is currently positioned in a downward range for the past 21 days. As we can see, volumes and volatility are reaching the lowest condition on the price chart to show that the bearish bias might end at any time from now. Meanwhile, the white regression line is still keeping the sellers in shape.
However, a clear rise above the $1.40 resistance zone would confirm a long move. The next major resistance here is $1.53 and $1.8. In the opposite direction, the XTZ market may continue to fall if the sellers regroup. Before that could happen, Tezos needs to break the current support of $1.23. Such a move could send price to $1.1 and possibly $1.
Tezos Short Term Price Prediction: Bearish
The bears have continued to gain control of the XTZ market on the hourly time frame. The market has recently recovered from $1.22 but the price is now consolidating around $1.28. A continuous increase could allow us to retest the first grey zone at $1.38. We can expect more increase to $1.43 as soon as the buyers show more commitment to trade.
Looking at the short-term trend, the bearish bias is dominant. As such, Tezos is likely to keep rolling until the market finds strong support for a rebound. In the meantime, XTZ might still rely on the $1.22 support. A drive beneath the mentioned support might cause more selling actions.
Conclusion
If Tezos continues to show weakness, the bearish scenario might get devastating if the $1.15 support fails to suppress selling pressure. A rebound at this mentioned support should rekindle buyers’ hope to $1.80 resistance and beyond. Above all, the sellers are still active. We should anticipate a long move as soon as they become weak.
Previous VET price analysis
At CoinCodex, we regularly publish price analysis articles focused on the top cryptocurrencies. Here’s 3 of our most recent articles about the price of VeChain:
