Key Resistance Levels: $1.80, $2
Key Support Levels: $1.25, $0.845
From what’s happening so far, it appeared the coronavirus is still causing serious panic in the cryptocurrency market, although there was a mild recovery over the past week.
Following a five day pullback to $1.8, marked orange on the daily chart, Tezos’s price dropped back and resumed selling towards the $1.25 support, from where the price rebounded on March 16. But the price has slightly recovered to $1.62 following the latest spike.
Notwithstanding, Tezos is still struggling to regain momentum. The price would continue to remain under bearish control as long as the $1.8 resistance holds.
Technically, the XTZ bears are still in control of this market. If the current bearish setup extends below the first blue line of support – $1.25, the support level to keep an eye on is the $0.0845, which is the second blue line on the daily chart.
If Tezos can regain momentum above the $1.25, to form a double-top pattern, the price could hit $2.5 in a short-term bullish run. Tezos needs to conquer the previous resistance ($1.8) and, most importantly, $2 before we can validate a strong movement.
The trading volume is still low at the moment. We can expect to see huge volatility once demand or supply increases.
Key Support Levels: 30000 SAT, 35000 SAT, 40000 SAT
Key Resistance Levels: 20000 SAT, 15000 SAT, 10000 SAT
Against Bitcoin, Tezos is still in a downtrend on the daily chart; although it appeared, the bears are slowly running out of momentum. Meanwhile, Tezos is currently down by 3.55%.
As mentioned in our previous price analysis, the 2500 SAT level has continued to suppress selling pressure over the past week, suggesting the bears are running out of momentum.
If Tezos continues to trade around this crucial support level of 2500 SAT, two things are likely to happen: a trend continuation or a trend reversal, which could determine the next phase of this market.
In case of a reversal, the 30000 SAT level would be the first target resistance for the buyers, followed by the 35000 SAT level, the resistance where Tezos initiated a sell this month.
The next resistance above this is the 40000 SAT level, which is the current yearly high.
In case of a continuation in trend, Tezos may fall beneath the orange spot (25000 SAT) to 20000 SAT level, which is slightly below the ascending line. Support below this level is 15000 SAT and 10000 SAT.
Looking at the market behavior, there’s a high probability for a rebound on the mid-term trend line, marked red on the daily chart. However, Tezos is trading around the 25780 SAT level at the time of writing.
