EagleFX

Tezos price started a strong rally today above $1.500 and it is already up more than 20%. XTZ price could continue to rally and it might even test the $2.000 resistance.

  • Tezos coin price gained bullish momentum after it broke the $1.3500 resistance area.
  • There was a break above a contracting triangle with resistance at $1.3369 on the daily chart.
  • XTZ is currently surging higher and it seems like the bulls are aiming $2.000.

Tezos Price

Read: VantageFX Guide

Tezos Price Analysis (XTZ To USD)

After a significant rally in bitcoin, Ethereum, ripple, cardano, bitcoin cash, EOS and litecoin, a few small cap coins gained bullish momentum, including Tezos. XTZ price broke a couple of important resistances near the $1.3300 and $1.3500 levels to start a major upward move.

Tezos Price Analysis XTZ Chart

Click to Enlarge Chart

Looking at the daily chart of XTZ/USD, the pair was consolidating in a broad range above the $1.0500 support level. The price slowly climbed above $1.1000 and $1.2000. Besides, there was a close above the $1.2500 level and the 25-day simple moving average.

Finally, the bulls took control and the price broke a few important resistances near the $1.3300 and $1.3500 levels. Besides, there was a break above a contracting triangle with resistance at $1.3369 on the same chart.


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The price broke the last swing high at $1.5096 and recently rallied above the 1.236 Fib extension level of the last decline from the $1.5096 high to $1.0575 low.

It has opened the doors for more gains above the $1.6000 and $1.6500 resistance levels. An immediate resistance is at $1.7890 and the 1.618 Fib extension level of the last decline from the $1.5096 high to $1.0575 low.

Above $1.7890, XTZ is likely to climb higher towards the $1.9000 and $2.0000 resistance levels. Conversely, if there is a downside correction, the recent resistances near $1.5550 and $1.5050 are likely to act as supports.

The main support for XTZ is near the $1.4000 pivot level and the previous breakout level at $1.3500. As long as the price is above $1.3500, there are chances of a run towards $2.0000 in the coming days.

The market data is provided by TradingView, Bitfinex.


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Posted by Dr. Latika Mehrotra

Ph.D in Data Mining, Blockchain enthusiast, and passionate about technology and science. Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.


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