Tezos (XTZ) Down Tiny 1.7% As The Cryptocurrency Market Bleeds Out

  • Tezos dropped by almost 8% over the past 5 days, bringing the price down to the $1.64 level.
  • The cryptocurrency remains strong against BTC as it attempts to break the 0.00025 resistance.
  • Tezos remains the strongest performing major altcoin over the past month and it got listed on Bittrex.

Key Support & Resistance Levels

XTZ/USD

Support:  $1.64, $1.54, $1.42..

Resistance: $1.74, $1.85, $1.99.

XTZ/BTC:

Support: 0.0002275 BTC, 0.00021 BTC, 0.00020 BTC.

Resistance:  0.00025 BTC, 0.0002624 BTC, 0.0002716 BTC.

XTZ/USD: Is Tezos Showing Some Signs Of Weakness?

xtzusd-dec17

Tezos was halted by the resistance at $1.80 this past week, causing the coin to roll over and fall. It has managed to find strong support at the $1.64 level, but it does look like the cryptocurrency will fall further lower in the coming days.

Tezos recently saw some good news when the veteran cryptocurrency exchange, Bittrex, announced that they would be adding support for Tezos on their exchange. Bittrex will open markets for XTZ against BTC, ETH, USDT, and USD.

For this bullish run to continue, Tezos must reverse and break above the resistance at $1.80 pretty soon. Alternatively, if the coin drops beneath the $1.50 level, the market would be considered as bearish in the short term.

Tezos Short Term Price Prediction


If the bulls regroup and bounce higher from the $1.64 support level, immediate resistance above is expected at $1.74 and $1.80. Above this, resistance lies at $1.85 (May highs), $1.99, and $2.14. Toward the downside, support lies at $1.64 and $1.55. If the coin drops beneath $1.50, added support lies at $1.42 (short term .382 Fib Retracement).

The RSI is trending lower, which shows that the bullish momentum is fading. Furthermore, the Stochastic RSI recently produced a bearish crossover signal that should send the market lower.

XTZ/BTC: Tezos Still Struggling At 0.00025 BTC Resistance

xtzbtc-dec17

Against BTC, Tezos continues to struggle at the 0.00025 BTC resistance level. The cryptocurrency has very strong support at 0.000227 BTC but must pass 0.00025 BTC to continue the bullish run. If XTZ were to reverse and fall beneath the 0.00020 BTC level, the market would be considered as bearish.

Tezos Short Term Price Prediction

Toward the upside, initial resistance lies at 0.00025 BTC, which is provided by a long term bearish .886 Fibonacci Retracement level. Beyond this, resistance is expected at 0.000262 BTC and 0.000272 BTC (May Highs). Higher resistance is then located at 0.00028 BTC. On the other hand, if the sellers step in and push the market lower, immediate support lies at 0.000227 BTC. Beneath this, support lies at 0.00021 BTC and 0.00020 BTC. If the sellers drop beneath 0.0002 BTC, added support is found at 0.000189 BTC (.382 Fib Retracement).

 

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