- 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
Market Overview
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.
Key Levels
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.
Summary
Article Name
Tezos (XTZ) Price Analysis – Tezos In Danger Of Heading Back To $1.30 If We Break Beneath THIS Support
Description
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.
Author
Yaz Sheikh
Publisher Name
Coin Gape
Publisher Logo
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.
