- April 8, 2020
- Posted by: icoblock
- Category: Uncategorized
- Tezos’s price reached the critical level of $2 after breaking above the $1.8 resistance.
- Against Bitcoin, XTZ bounced back after establishing support around 25000 SAT.
- The 10th largest cryptocurrency surged with over 16% gains across the trading pairs
XTZ/USD: Tezos Overcomes Crucial Resistance
Key Resistance Levels: $2.5, $3.2, $4
Key Support Levels: $1.46, $1.25, $0.845
The latest buying spree brought a serious increase in Tezos’s price for the past few days. The positive move was led by a long monthly opening around $1.46.
With 15% gains under 24-hours, Tezos is now changing hands at $2.05. XTZ is now looking for more gains following yesterday’s surge above the crucial resistance of $1.8 – the orange area.
As long as the buying force increases by the day, the price of Tezos is expected to remain in an upward spiral. Nonetheless, the steady growth over the last seven days shows that short-term bulls are back in the market.
Tezos Price Analysis
After breaching a crucial resistance, Tezos is now looking for more gains. The next potential resistance to keep in mind is $2.5 and $3.2 resistance, where the crash in March started from. Above this resistance lies $4 (the yearly high).
On the downside, XTZ is currently relying on $1.76 support – yesterday’s low. In case of a pullback, Tezos should find a rebound at previous resistance of $1.8, supported by the yellow ascending line.
The next support is located at $1.25 – the first blue line, followed by the second at $0.845. Looking at the latest bullish engulfing pattern, a trend reversal is most likely at play on the intraday trading.
XTZ/BTC: Tezos Rebounds After Long Bearish Exhaustion
Key Support Levels: 30000 SAT, 35000 SAT, 40000 SAT
Key Resistance Levels: 25000 SAT, 20000 SAT, 15000 SAT
After prolonged exhaustion around 25000 SAT, yesterday, Tezos showed strength and bounced higher to where it’s currently trading around 27510 SAT. It appeared that Tezos is starting to show a bullish sign.
The current increase in its price was followed by a quick gain of 10% since the weekly opening. As long as volatility continues to expand to the upside, Tezos could gain more in the next coming days.
However, the 25000 SAT support (the orange spot) needs to keep holding well to strengthen the future bullish actions. Even if this support fails, there’s still hope for a reversal on the red ascending trend line, which is acting as dynamic support for months.
Tezos Price Analysis
If Tezos pushes higher and reclaims the 30000 SAT level, buying pressure is likely to reach 35000 SAT (around March’s high) and 40000 SAT resistance (February high) in the next few weeks. A new yearly high should be anticipated once these levels break.
In the opposite scenario, a drop below the current support (25000 SAT) may lead to a massive dip if the red ascending line fails to provide a rebound. In this case, the potential support to consider is 20000 SAT and 15000 SAT levels.
As it stands now, the price setups look much of a reversal. It’s essential to pay attention to the bullish signs because the XTZ bears appear exhausted at the moment!
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