Tezos (XTZ) Price Analysis – Tezos In Danger Of Heading Back To $1.30 If We Break Beneath THIS Support

• Tezos saw a sharp 9% price drop over the past 24 hours of trading as the cryptocurrency drops into the $1.54 price level.
• It has struggled with resistance at $1.80 for the past few days which caused the coin to roll over.

Tezos dropped by 9% today as the cryptocurrency dropped from $1.80 to reach $1.54. The cryptocurrency is trading above a short term rising trend line but if it breaks beneath, we might see Tezos headed toward $1.30 again.

Tezos still remains ranked in the 10th position as it holds a $1.08 billion market cap valuation.

XTZ Price Analysis

XTZ/USD – Daily CHART – SHORT TERM

Market Overview

Taking a look at the daily chart above we can see that Tezos dropped from a high of around $3.35 during March to fall as low as $1.30 throughout the market collapse. It has since rebounded from here and started to make higher closes each day as it trades above a rising trend line. 

However, over the past few days, the cryptocurrency has been struggling to break resistance at $1.80, which is provided by a bearish .236 Fibonacci Retracement level, causing the coin to roll over and drop to the support at the rising trend line.

Short term prediction: NEUTRAL/BEARISH

Tezos is trading within a consolidation pattern, however, a drop beneath the trend line would certainly send it in the bearish trajectory. 

IF we break beneath the trend line, the first level of support is located at $1.40 which is provided by the long term .786 Fibonacci Retracement level. Beneath this, support lies at $1.30, $1.20, and $1.06 (.886 Fibonacci Retracement level).

On the other hand, if the buyers can rebound from this support trend line and push higher, the first level of resistance will lie at $1.84. Above this, resistance is to be expected at $2.00, $2.24 (bearish .382 Fib Retracement), $2.40, and $2.56 (bearish .5 Fib Retracement level).

The RSI is showing weakness as it turns away from the 50 level and heads downward to show that the sellers are still in charge of the market momentum.

Key Levels

Support: $1.50, $1.40, $1.20, $1.06, $1.00, $0.80, $0.78, $0.70.
Resistance: $1.84, $2.00, $2.24, $2.40, $2.56, $2.80, $2.89, $3.00.

Summary

Article Name

Tezos (XTZ) Price Analysis – Tezos In Danger Of Heading Back To $1.30 If We Break Beneath THIS Support

Description

Tezos saw a sharp 9% price drop over the past 24 hours of trading as the cryptocurrency drops into the $1.54 price level.
It has struggled with resistance at $1.80 for the past few days which caused the coin to roll over.

Author

Yaz Sheikh

Publisher Name

Coin Gape

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