Tezos Back On The Bullish Run After Bouncing At $2.60.
- 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
Market Overview
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.
Key Levels
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.
This latest price increase makes it the strongest performing cryptocurrency out of the top 40 ranked projects.
Disclaimer
The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Yaz is a cryptocurrency technical analyst and has been actively trading financial markets for over 7years, with 4 years of crypto experience. He is an Economics graduate who has taken a keen interest on the future potentials of blockchain in the financial industry. Aside from cryptocurrency and trading Yaz enjoys spending his time watching his favourite football team (Liverpool F.C.) compete as well as keeping up-to-date with the UFC. Follow him at @TcmYaz.
Published at Thu, 05 Mar 2020 10:54:14 +0000
Share on Facebook
Share on Twitter
Share on Linkedin
Share on Telegram