TL;DR
- Tezos price continued to increase by a further 10% the past week, XTZ trades for $1.72.
- The cryptocurrency is facing crucial resistance at 0.00025 BTC.
- Tezos had officially entered the exclusive club of the top 10 cryptocurrencies by market cap.
Tezos (XTZ) Key Support & Resistance Levels
XTZ/USD
Support: $1.64, $1.54, $1.42.
Resistance: $1.74, $1.85, $1.99 – $2.
XTZ/BTC:
Support: 0.0002275 BTC, 0.00021 BTC, 0.00020 BTC.
Resistance: 0.00025 BTC, 0.0002624 BTC, 0.0002716 BTC.
Tezos rose straight into the resistance at $1.80 this week, got rejected and fall slightly. The cryptocurrency managed to find reliable support at around $1.65, allowing XTZ to rebound higher. For this bullish momentum to continue, Tezos must climb above the resistance at $1.80 and break above the 2019 current high at $1.85.
Tezos has been on an absolute tear over the past two months, which led the coin into the top 10 ranked cryptocurrencies with a market cap of $1.12 billion. It is now the strongest performing cryptocurrency among the top 10 projects over the past three months.
Short Term Price Prediction Against USD
If the bulls continue to break back above the $1.74 resistance, immediate higher resistance is located at $1.80 and $1.86 (2019 highs). Further resistance is found at $1.88 and $1.99-$2 (1.618 Fib Extension). On the other hand, if the sellers step in and push the market lower, support can be found at $1.65. Beneath this, support is located at $1.55, $1.42 (.382 Fib Retracement), and $1.29 (.5 Fib Retracement).
The technical indicators suggest that it may be a little overextended as the Stochastic RSI trades in overbought conditions and is ready for a bearish crossover signal.
Against Bitcoin, Tezos has also continued to climb but was halted by resistance at the 0.00025 BTC level, which is provided by the long term bearish .886 Fibonacci Retracement level. XTZ reversed from here but managed to find strong support at 0.0002275 BTC – allowing the coin to bounce higher.
For the bullish run to continue, Tezos must climb over the 0.00025 BTC resistance. If the coin was to drop beneath 0.0002 BTC, the market could potentially turn for a deeper correction.
Short Term Price Prediction Against BTC
If the bulls can break the current 0.00025 BTC resistance, immediate higher resistance can be found at 0.00026 BTC and 0.0002625 BTC (1.618 Fib Extension level). This is then followed with resistance at 0.000271 BTC, which is the current 2019 high.
Alternatively, if the sellers regroup and push the market lower, support can be expected at 0.0002275 BTC. Beneath this, added support is found at 0.00021 BTC and 0.00020 BTC.
The Stochastic RSI is also extremely overbought here as it is primed for a bearish crossover signal that should send the market lower.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
Technical analysis tools by Coinigy.
