8 hours ago | Matthew North
| ⠀Tezos price: | $1.7050 |
|---|---|
| ⠀Key XTZ resistance levels: | $1.8761, $2.4141 |
| ⠀Key XTZ support levels: | $0.8241, $0.3101 |
*Price at the time of writing
It has been an interesting week for Tezos, the coin entered the top ten this week and surpassed XLM.
Congrats #Tezos holders! $XTZ has surpassed $XLM and entered the #crypto top 10 for the first time. #XTZ is up by +6% on the day. https://t.co/e978DNN0yX pic.twitter.com/cPkZjiFEEw
— CoinCodex (@CoinCodex) December 12, 2019
Additional avenues for Tezos staking was also unveiled. Users can now stake the coin on the Kraken exchange.
Tezos has posted some huge gains beginning on November 5th. It’s currently chartered to test its first resistance level at $1.8761 and if the trend continues, $2.4141. The only thing that could hold the coin back at this point is that it dipped into overbought territory on December 8. However, the coin also had an overbought reading on November 7 that was not met with a pullback and instead kicked off a new upwards trend.
Tezos Long-Term Price Prediction: Bullish
Just by looking at the chart it’s easy to see that the long-term trend for XTZ is bullish. The 50-day EMA is showing a clear trend to the upside with healthy volume candles. Although there has been a slight correction following the overbought readings on the RSI, these are likely to be temporary pullbacks in response to the strong bullish performance of the cryptocurrency.
Tezos Medium-Term Price Prediction: Bullish
Zooming in to the medium-term and we can see that Tezos is set for continued strong performance. The price is keeping above the 50-day EMA and is trending strongly upwards. The medium-term performance is, therefore, mirroring what we are seeing on the bigger charts.
Tezos Short-Term Price Prediction: Bearish
On the very short-term, one hour candles we can see a slight correction downwards with a sloping RSI and prices correcting. Over the short-term the outlook, therefore, is negative.
