Tezos has been on an absolute rampage over the past few days after it managed to increase by a total of 23% to reach a high of around $2.20. The cryptocurrency surged from a low of $1.65 to reach the current trading level of $2.07.
It ran into resistance at a bearish .382 Fibonacci Retracement level and has since retraced slightly from here. Once this resistance is cleared, Tezos will likely make its way toward $2.50 and beyond.
XTZ Price Analysis
XTZ/USD – Daily CHART – SHORT TERM
Market Overview
Taking a look at the daily chart above, we can clearly see Tezos rebounding from support at $1.65 as it started to rally. It broke above resistance that it had been struggling with at $1.80 as it started to increase higher. The cryptocurrency continued to rise until meeting resistance at a bearish .382 Fibonacci Retracement level, priced at $2.14.
This bearish Fibonacci Retracement level is measured from the February high to the March low.
Short term prediction: BULLISH
After breaking the resistance at $1.80 and climbing above $2.00 Tezos can now be considered as bullish. It must break the resistance at $2.14 to continue this bullish run higher. If it was to drop back beneath $1.80, we could consider the market as bearish again.
From the above, the first level of resistance is located at $2.14. Above this, resistance lies at $2.31 (1.272 Fib Extension), $2.50 (bearish .5 Fib Retracement), and $2.65 (1.618 Fib Extension).
Toward the downside, support lies at $2.00, $1.80, and $1.70. Beneath this, added support lies at $1.50 and $1.40.
Key Levels
Support: $2.00, $1.80 $1.60, $1.50, $1.40, $1.20, $1.06, $1.00, $0.80, $0.78, $0.70.
Resistance: $2.14, $2.24, $2.40, $2.50, $2.64, $2.86, $2.89, $3.00.
