Tezos Price Analysis: XTZ Arrives To The Alt-Season Party After 22% 2-Day Surge

cryptopotato.com 2020-07-14 08:20
Reading time: ~3 m

  • Tezos’s recovery is quickly approaching the March level of $3.3 after gaining almost 33% in 7 days.
  • It has resumed a mid-term bullish trend following a break above a crucial resistance line across trading pairs.

XTZ/USD: Tezos Charging Towards June Resistance

Key Resistance Levels: $3.3, $3.5, 3.9

Key Support Levels: $2.85, $2.75, $2.69

XTZ/USD. Source: TradingView

After the June 6 recovery from around $2.2, Tezos established support around $2.4 and continued to show strength over the past days. The price is now charging back towards $3.14, following a massive 15.61% increase over the past 24-hours.

It is currently changing hands around $3.1 against the US Dollar. Following the recent break above the 4-week resistance line – marked white – Tezos is currently maintaining a strong bullish trend on the 4-hours chart.

A short pullback may come into play if the buyers fail to push further. But considering the last 24-hour volume in this market, more bullish actions could be expected in the coming days.

XTZ Price Analysis

For a pullback, the critical price to keep in mind is $2.85. If this level fails to bolster as support for the bulls, they may look for more help somewhere around $2.75, followed by the key break level of $2.69 over the weekend. The bears may take-over the trend if the price slips back under the white trend line.

The current short-term increase is likely to encounter small resistance at $3.3 before surging further to $3.5 in the coming hours. If Tezos can close well above these mentioned price levels, it might reclaim the February high of $3.9. Looking at the price setups from a technical perspective, its current price could double in the next few days.

XTZ/BTC: Tezos Surpassed June Resistance

Key Resistance Levels: 34000 SAT, 37900 SAT, 40730 SAT

Key Support Levels: 30440 SAT, 29700 SAT, 29010 SAT

XTZ/BTC. Source: TradingView

Against Bitcoin, Tezos is looking bullish again following a surge above the crucial resistance line (marked orange on the current 4-hours chart) forming since last month. The increase became significant after seeing an 11.56% gain overnight.

It started the week bullish with about 18% gains as buyers resume pressure after a monthly correction to 24670 SAT level, which now acts as a base support for the XTZ/USD pair. So far, it has seen almost 20% recovery over the past seven days of trading.

Tezos currently trades around 32350 SAT level following quick exhaustion from 33000 SAT as buyers look for more gains ahead. But if they fail to push further, a small retracement could be underway.

XTZ Price Analysis

After surpassing the June resistance at 32100 SAT today, Tezos is now charging towards the 34000 SAT level. Once it manages to claim it, the next target would be at 37900 SAT level and perhaps to the current yearly high of 40730 SAT in the coming days.

Otherwise, the price may drop a bit to 30440 SAT before it bounces back. The following support to watch is at the 29700 SAT level. The major rebound target to keep an eye on is at 29010 SAT, which got broken on July 11.