- Tezos has seen a very strong 12.5% price increase over the past 24 hours of trading as it reaches $3.20.
- This latest price increase makes it the strongest performing cryptocurrency out of the top 40 ranked projects.
Tezos managed to increase by a total of 12.5% over the past 24 hours of trading after finding support at $2.60 which was provided by a .5 Fibonacci Retracement level. The cryptocurrency is now back on the move as it sets its sights to reapproach the 2020 price highs.
The cryptocurrency is now up by over 160% since the start of the year as it is currently ranked in the 10th position with a total market cap valuation of $2.23 billion.
XTZ Price Analysis
XTZ/USD – Daily CHART – SHORT TERM
XTZ had been on a very strong price rally during February 2020 as it increased by over 150% to reach a high close to $4.00. It then rolled over slightly to retrace after mid-February as it dropped into support at $2.60, provided by the .5 Fibonacci Retracement level.
It has now rebounded since reaching this support as it looks to make an attempt at the 2020 highs once again.
Short term prediction: NEUTRAL
Tezos is now considered to be neutral and would need to close above $3.80 before it can be considered as bullish.
If the bulls can break the current resistance at $3.30, higher resistance lies at $3.50, $3.60, and $3.80. Above this resistance is expected at $4.00.
IF the bullish pressure can continue to drive Tezos above $4.00, added resistance can be expected at $4.20, $4.48, $4.50, $4,70 (1.272 Fibonacci Extension level), and $5.00.
On the other hand, if the sellers push lower, the first level of support lies at $3.00. Beneath this, support lies at $2.92 (.382 Fib Retracement), $2.60 (.5 Fib Retracement), and $2.60.
Support: $3.00, $2.92, $2.60, $2.50, $2.29, $2.00, $1.83.
Resistance: $3.32, $3.50, $3.60, $3.70, $4.00, $4.20, $4.48, $4.70, $4.80, $5.00.
Source: Coin Gape