XTZ Price Analysis: Price Rebound on XTZUSD Towards $2.0 Following Overstock’s tZERO Support for Tezos Blockchain

Tezos is among the most bullish tokens on the crypto market, racking up such enormous traction that eventually culminated in a huge uptrend that recently led it to set fresh all-time highs. At the time of writing, Tezos (XTZ) is currently holding its position as the 10th largest digital asset with a total market cap of $1.39 billion, trading more than 2.80% at its current price of $1.96 in 24hrs, representing a remarkable recovery from its recent $1.85 lows set yesterday while the crypto market rallied per Bitcoin’s decent underneath the $7,000 mark. tZERO, the giant American internet retailer’s blockchain initiative, Overstock declared its support for the Tezos Foundation to become a blockchain for digital securities, providing support through its open-source Protocol.

*Tezos has been one of the crypto market’s most bullish tokens

*Price rebound on XTZUSD towards $2.0 from a recent low of $1.85

*Overstock declared its support for the Tezos Foundation to become a blockchain for digital securities

Key Levels

Resistance Levels: $2.50, $2.32, $2.18

Support Levels: $1.85, $1.54, $1.45

XTZ/USD Daily Chart: Ranging

Tezos rebounded from a major downward push started on April 9. After that date, as of yesterday, the price has dropped from a level of $2.18 to a low level of $1.85. Already a base-forming with the low level at $1.85 is just forward of the psychological low level of $1.75. The price has bounced in a recovery mode but it does not seem to crack the resistance level of $2.0 in the near term.

The chart above illustrates the major areas to keep tabs on. The key low is underneath the rising trendline at MA 200 close to the $1.5450 level, and the resistance is around the level at $2.0 and above the MA 50. A break in either direction may assure us enough details regarding the actual future price trajectory. Currently, the price is positioned between the moving averages of 50 and 200, which is mostly in a range. The price made higher lows which is a sign of progress, too.

XTZ/USD 4-hour Chart: Ranging

There appears to be no clarity at the moment on the 4-hour time frame but that can shift at the snap of a finger on the crypto market. Tezos has been in a range since early April and a relatively strong upward correction to the level of $2.18 has emerged more recently. After reaching the retracement, the price has also crawled back in comparison to the daily chart beneath the short-term moving average of 50.

This contraction could imply that there is less momentum behind the recent bearish action while opening up for a higher rebound. If the sellers keep driving Tezos down, they should expect support at $1.85 and $1.75 levels. On the other hand, with the bulls rebounding from $1.90 and breaking above $2.00, the resistance is at the near-term high of $2.18, next resistance is at $2.32, and $2.50 levels.

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