Tezos Price Analysis: XTZ Flirts With Its All-Time High, $5 Next Or Double-Top?

  • Tezos increased by 8% today as the coin reached the $4.40 level, which is the all-time high recorded two days ago.
  • Against Bitcoin, Tezos surpassed 38,000 SAT and recorded its highest level against Bitcoin since February this year.

XTZ/USD – Bulls Seek For New All-Time High

Key Support Levels: $4.00, $3.91, $3.58.

Key Resistance Levels: $4.45 (current all-time high), $4.60, $4.80.

Tezos has surged by a solid 35% this week as the coin pushed higher. The coin reached the $4.26 (1.414 Fib Extension) resistance 3-days ago and has just broken above there with the 6.8% price hike today.

The Bitcoin price plunge from to $11K did see Tezos dropping to as low as $3.60 earlier today. However, together with the market momentum, XTZ gained over 20% from today’s low and as of writing theses lines, trading just below its all-time high levels.

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XTZ/USD. Source: TradingView

XTZ-USD Short Term Price Prediction

Looking forward, the first level of resistance is expected at $4.45, which is the ATH. Beyond this, resistance lies at  $4.60 (1.618 Fib Extension), $4.80, and at the psychological level of $5.00 (1.272 Fib Extension – blue).

On the other side, the first levels of support are located at $4.00 (prior high from February) and $3.91 (.236 Fib Retracement). This is followed by added support at $3.58 (.382 Fib Retracement), and $3.32 (.5 Fib Retracement).

The RSI is well above the mid-line to indicate strong bullish momentum for the coin. The Stochastic RSI is in overbought territory and is primed for a bearish crossover signal that could send the market lower.

XTZ/BTC – The Highest Level Since February 2020

Key Support Levels: 36,000 SAT, 34,100 SAT, 33,250 SAT.

Key Resistance Levels: 38,000 SAT, 38,800 SAT, 40,000 SAT.

Tezos also surged higher this week against Bitcoin as it increased by almost 50% to reach the current 38,000 SAT resistance provided by a 1.618 Fib Extension level. This is actually the April 2020 high also.

xtzbtc-aug12-UPDATE
XTZ/BTC. Source: TradingView

XTZ-BTC Short Term Price Prediction

Looking ahead, if the bulls push beyond 38,000 SAT, resistance is first located at 38,800 SAT (1.272 Fib Extension). This is followed by resistance at 40,000 SAT, 42,700 SAT, and 43,700 SAT.

On the other side, the first level of support lies at 36,000 SAT. This is followed by support at 34,100 SAT (.236 Fib Retracement), 33,250 SAT (.382 Fib Retracement), and 30,000 SAT (.5 Fib Retracement).

The RSI is reaching overbought conditions but still has room to push higher. However, the stochastic RSI is already overbought and is primed for a bearish crossover signal.

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Source: Crypto Potato