Tezos saw a small bounce after testing a key support area across major trading pairs.
If XTZ can gain momentum above immediate resistance, a short-term bullish move is expected to kick.
The bearish pressure may resume if the current support fails to hold.
XTZ/USD: Tezos Struggles At Resistance, Can It Break Above $3
Key Resistance Levels: $3.6, 4, $4.2
Key Support Levels: $2.9, $2.55, $2
XTZ/USD. Source: TradingView
As per our previous XTZ analysis, the cryptocurrency began another downward move from the $2.9 level towards the support subsequently found at $2.55.
At this point, Tezos managed to rebound and is currently trading at around $2.8, charting an increase of about 7% against the USD over the past 24 hours. If this bullish momentum can continue, the price might mark further increases.
The bearish trend seems relatively suspended for now. However, if sellers show an interest again, the last defense line for mid-term bulls would be $2 – right inside the second green demand area.
Tezos Price Analysis
Tezos is still looking bearish in the short-term. But considering the latest rebound from $2.55 support, we may start to see a long move towards the $3.6 resistance area. Though the previous attempt was rejected at $3.
If Tezos pumps and surpasses this important red area on the 4-hours chart, the next level to think of is the monthly high of $4. A fresh high could print around $4.2 if XTZ increases beyond that.
On the downside, $2.55 is a strong support zone for Tezos. If the support breaks, the next major level to keep an eye on is $2 support.
XTZ/BTC: Tezos Targets 35500SAT Resistance level But Short-term Bearish Remains
Key Support Levels: 35500SAT, 40000SAT, 42000SAT
Key Resistance Levels: 28000SAT, 26000SAT, 21400SAT
XTZ/BTC. Source: TradingView
Tezos appeared to have found support around the 28000SAT area after seeing a ten days decline. The latest recovery has caused it to trade at 32500SAT.
As a result, the market is now up by 9.54% over the last few hours of trading. If Tezos can gain further momentum, especially above 35500SAT resistance area – marked red on the 4-chart, a new bullish rally could be considered.
However, if selling pressure resumes, the price could drop back into the green horizontal area of 28000SAT or even beyond. It’s essential to watch these mentioned areas for the next major price movement.
Tezos Price Analysis
After bouncing off the 28000SAT support, Tezos’s price is now undergoing a mild consolidation around the 32500SAT level. An increase from this level should sprout XTZ to a close resistance of 35500SAT.
From here, 40000SAT is the next level of resistance to watch out for. If Tezos surges higher, a fresh high is likely around 42000SAT level and above.
If the XTZBTC pairs show weakness once more, the price may roll back into two-week support of 29000SAT. Tezos may also test 26000SAT and 21400SAT if supply turns heavily.
Enjoy reading? Please share:
The post Tezos Price Analysis: XTZ Bounces Off Key Support At $2.55, Time To Pay Attention appeared first on CryptoPotato .