Tezos Explodes To 6-Month High: Is $4 Upcoming? XTZ Price Analysis

  • After huge moves from its “friends” from the top 10 list by market cap, namely Cardano and Link, Tezos finally saw an impressive 10% price surge over the past 24 hours of trading, as the coin reached $3.6 as the current daily high.
  • The cryptocurrency had bounced from the significant support at $3.00 earlier this week.
  • Against Bitcoin, Tezos bounced from the support at 25,800 SAT to reach above 30,000 SAT.

XTZ/USD: Bulls Reach Highs Not Seen Since February 2020

Key Support Levels: $3.40, $3.20, $3.05.

Key Resistance Levels: $3.52, $3.61, $3.70.

Tezos surged by a 10% price move over the past 24 hours as XTZ runs into the resistance at $3.50 – $3.52 (1.618 Fib Extension). The coin had bounced from the $3.00 level earlier in the week, which saw it breaking above significant resistance at $3.31 (bearish .786 Fib Retracement).

This resistance mentioned above ’caused trouble’ for XTZ throughout July as it was rejected after the attempt to break above. The push above this resistance yesterday has now allowed Tezos to create a fresh 6-month high, not seen since February 2020.

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XTZ/USD. Source: TradingView

XTZ-USD Short Term Price Prediction

Looking ahead, if the buyers push higher beyond $3.52, resistance is immediately located at $3.61 (bearish .886 Fib Retracement) – today’s high on some exchanges. This is followed by further resistance at $3.70 (1.618 Fib Extension), $3.78, and $4.00.

On the other side, the first level of support is located at $3.40. Beneath this, support lies at $3.20, $3.05 (.382 Fib Retracement), and $2.89 (.5 Fib Retracement).

The RSI recently bounced from the 50 line, which is a solid bullish signal as it shows that the buyers are unwilling to give up their control of the market momentum.

XTZ/BTC – Tezos Attempting To Recover To July Highs

Key Support Levels: 28,800 SAT, 28,000 SAT, 25,800 SAT.

Key Resistance Levels: 30,000 SAT, 32,650 SAT, 35,000 SAT, 36,130 SAT.

Tezos is painting a slightly different picture against Bitcoin. The coin had surged significantly during July as it reached the resistance at 35,000 SAT (bearish .786 Fib Retracement). XTZ was unable to overcome this resistance, which caused it to head lower.

XTZ’s value dumped throughout the remainder of July until support was reached at 24,300 SAT (.618 Fib Retracement). This level had provided strong support also during both March and April. Tezos has since bounced higher from this support in August as it reached the 30,150 SAT resistance today (bearish .5 Fib Retracement).

On the micro-level, the following 4-hour chart, we can clearly see XTZ breaking out from a 4-week descending trend-line at around 28,000 SAT. This line was then retested as support, and as of now, XTZ is charting a higher low, which can be the start of a new bull-run.

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XTZ/BTC 4-hour chart Source: TradingView
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XTZ/BTC daily chart. Source: TradingView

XTZ-BTC Short Term Price Prediction

If the buyers push above 30,000 SAT, higher resistance is expected at 32,650 SAT (bearish .618 Fib Retracement). This is followed by resistance at 35,000 SAT (Bearish .786 Fib Retracement) and 36,130 SAT (1.272 Fib Extension).

On the other side, the first level of support lies at 28,800 SAT. Beneath this, support is found at 28,000 SAT, 25,800 SAT, and 24,300 SAT (.618 Fib Retracement).

The RSI recently pushed back above the 50 line to indicate that the buyers have finally taken back control of the market momentum. If the RSI can remain above 50, XTZ can be expected to push back to the July highs.

The post Tezos Explodes To 6-Month High: Is $4 Upcoming? XTZ Price Analysis appeared first on CryptoPotato.

Source: Crypto Potato