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XTZ Price Analysis: Tezos [XTZ] Drops Slightly But Finds Strong Support At 100-Days EMA

XTZ Price Analysis: Tezos [XTZ] Drops Slightly But Finds Strong Support At 100-Days EMA
The toplines for Tezos [XTZ] Prices Analysis are:

Tezos saw an 8% price decline this week as it drops to the $2.50 level.
The cryptocurrency fell from a high of $3.00 which was seen earlier in the week.

Tezos saw a 8% price drop over the week after it fell from the $3.00 level to reach the current $2.50 level. The cryptocurrency spiked as low as $2.20 during the week where it managed to find some strong support at the 100-days EMA. It rebounded from here and closed above the $2.40 level which allowed it to slowly grind back toward $2.50.
Tezos is ranked in the 10th position as it currently holds a $118 million market cap valuation.
Tezos [XTZ] Price Analysis
XTZ/USD. Source: TradingView

Market Overview

Analyzing the daily XTZ Price Analysis chart above, we can see that Tezos was trading sideways between $3.00 and $2.60 for the first 10-days of May 2020. Over the weekend, Bitcoin had dropped from $9,600 to $8,600 and this caused Tezos to drop quite steeply as it fell from $3.00 to reach as low as $2.20 where it found support at the 100-days EMA.
It rebounded from this support and climbed back above the $2.50 level. However, it seems to be struggling to pass the resistance at $2.74 now (1.272 Fib Extension).

Short term prediction: NEUTRAL

The drop beneath $2.40 turned Tezos neutral. The coin will now have to close above the $3.00 to turn bullish again. A break beneath $2.20 is likely to put Tezos in danger of turning bearish in the short term.
If the sellers push lower, the first level of support is located at $2.40. Beneath this, support lies at $2.34 (.382 Fib Retracement), $2.20 (100-days EMA), and $2.07 (.5 Fib Retracement).
On the other hand, the first level of resistance lies at $2.74 (1.272 Fib Extension). Above this, resistance is located at $2.93 (.1414 Fib Extension), $3.00, and $3.20 (1.618 Fib Extension).

Key Levels

Support: $2.50, $2.40, $2.34, $2.20, $2.07, $2.00, $1.80.
Resistance: $2.74, $2.94, $3.00, $3.20, $3.37, $3.68.
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