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.
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.
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.
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.