- The price continued to increase after gaining momentum from the weekly support.
- Currently, the bulls are in control of the market across trading pairs.
- Tezos surged 11% to reach $2.66 today following a recent break above monthly high.
XTZ/USD: Tezos Stays Bullish Above Weekly High
Key Resistance Levels: $3, $3.3
Key Support Levels: $2.38, $2.07
Tezos’s price has continued to increase since the market fell to around $1 in March. So far, the recovery is estimated to about 160% in five weeks. Today, the price is up by 11% following a weekly bounce from $2.07 against the US Dollar.
XTZ is now trading around a notable resistance of $2.69 after jumping off the weekly resistance at $2.39 yesterday. The buying volume is seriously increased by the day as bulls look for more gains on the upside.
The price is likely to reach $3 in the next few days if buyers continue to show strong commitment. For now, there’s no sign for bearishness in the market. Tezos would remain bullish as long as the price continues to respect the yellow ascending trend line on the 4-hours chart.
Tezos Price Analysis
Tezos recently started a fresh increase to crucial resistance of $2.69 (marked orange). If XTZ continues to push higher, $3 is likely to come into play. The price may reach the $3.3 resistance if the volume continues to increase.
From below, Tezos is holding weekly support at $2.07, indicated blue on the chart. A significant rebound level for the bulls is marked at the initial orange line of $2.38 – where the price recently broke out from.
The grey zone indicates a key demand level for correction in case Tezos lose momentum.
XTZ/BTC: Tezos Rising Towards 40000 SAT Level
Key Resistance Levels: 37410 SAT, 40000 SAT, 45000 SAT
Key Support Levels: 30000 SAT, 27000 SAT, 25000 SAT
After consolidating above 30000 SAT level earlier this week, Tezos saw a nice increase above the 32840 SAT and 34720 SAT resistance levels, as mentioned in our previous analysis. Tezos recorded a 6.52% surge to reach 35540 SAT today.
While the short-term bulls continued to sustain pressure, the price charges towards the yearly high of 40000 SAT level on the upside. Before that, Tezos would need to surpass 37410 SAT that induced the selling pressure in March.
In the coming days, the 10th largest cryptocurrency is expected to see a lot of gains once volatility and volume continue to increase to the upsides. Failure to surpass the 40000 SAT resistance could lead to pressure in the mid-term rally.
Tezos Price Analysis
As Tezos keeps rising, the immediate resistance to watch is 37410 SAT, followed by the key breakout level at 40000 SAT. Once it breaks, a massive price movement could be expected straight towards 45000 SAT.
In case of a drop, nearby support is located at 30000 SAT. Below this support lies at 27000 SAT. The last defense line for the bulls is found at the orange support area of 25000 SAT, where Tezos regained momentum this month.
However, the current market sentiment suggests that Tezos is following a bullish trend on the daily chart. More gains can be expected in the next few days.
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.