Tezos dropped by a small 3.6% today as the cryptocurrency heads toward the $2.25 level. The cryptocurrency had reached a fresh high for April after breaking the resistance at $2.15 and climbing close to the $2.40 level.
This break above $2.14 has now put Tezos on the bullish footing after it increased by a total of 33% over the past 30-days. Tezos remains ranked in the 10th position as it currently holds a total market cap value of around $1.61 billion.
XTZ Price Analysis
XTZ/USD – Daily CHART – SHORT TERM
Market Overview
Taking a look at the daily chart above, we can see that Tezos broke the previous resistance at $2.14 yesterday to climb higher. This resistance was provided by a bearish .382 Fibonacci Retracement level and had caused problems for the coin earlier during April.
After breaking this resistance, Tezos continued higher to reach the resistance at around $2.32 which is provided by a 1.272 Fibonacci Extension level. It has dropped slightly from here today as it reaches $2.25.
Short term prediction: BULLISH
Tezos remains strongly bullish and even more so after breaking the $2.15 resistance level. To turn bearish, Tezos would have to drop beneath $2.00 and fall below $1.80.
If the bulls can regroup and push above $2.31 and $2.40, higher resistance is located at $2.50, where lies the bearish .5 Fib Retracement level. Above this, resistance lies at $2.64 (1.618 Fib Extension) and $2.86 (bearish .618 Fib Retracement).
Alternatively, if the sellers push lower, the first level of strong support lies at $2.15. Beneath this, added support is found at $2.00, $1.80, and $1.70.
Key Levels
Support: $2.15, $2.00, $1.80 $1.60, $1.50, $1.40, $1.20, $1.06, $1.00, $0.80, $0.78, $0.70.
Resistance: $2.24, $2.32, $2.40, $2.50, $2.64, $2.86, $2.89, $3.00.
