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Tezos [XTZ] Price Analysis: XTZ/USD Steams Up For A Fresh Run Towards $3

Tezos remains among the top 10 cryptocurrencies by having $1.82 billion market capitalization and $113.99 million 24 hr exchanged volumes. It is the tenth rated coin according to popular coin rating platform, CoinMarketCap (CMC). 

Tezos shows a great correlation to top cryptocurrency, Bitcoin, and seems to be widely influenced by BTC’s price fluctuations.

At the moment, the XTZ/USD trading pair is changing hands at $2.58 having gained about 3% over the last 24 hours.

Although Tezos is one of the hardest-hit coins in the one week time frame (having lost up to 9%), Tezos’s price gain over the last 24 hours comes amid correlation with BTC’s price movement which has maintained a bullish bias since the past two days.

Every time the price of bitcoin drops, Tezos makes a similar move and also makes recovery moves when bitcoin again is rallying up the charts.

Tezos [XTZ] Technical Analysis

XTZ went into free fall when it met resistance at the $2.89 area. At the time, BTC went up by a little margin and crashed slightly too.

However, the price found support at the 38.2% Fibonacci retracement level ($2.34 level) and consolidated for a while.

Price consolidation between the 38.2% and 50.0% Fib levels comes amid a confluence of indications in the area.

When the price touched the 0.382 Fib level, further down movement was opposed by the formation of the 100-day Exponential Moving Average (100 EMA) upon which prices found additional support.

Below the 100 EMA, the next level of support is found at $2.075 (0.5 fib extension). Although the bulls are gathering energy to resist an assault towards $2.0 at the moment.

In the upward scenario, the price found resistance at $2.75 (1.2 Fib level) and stalked under it until now.

If the bulls overcome this resistance, the next level of resistance is located at $3.0 and further at $3.2 where a major resistance level lies.

The RSI line is horizontal at the 50.0 level. As this has continued for a few days, a breakout will most likely favor any direction in which it occurs.

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Dare Shonubi

Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development.

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