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Tezos Price Analysis: Following Bitcoin’s Surge, XTZ Soars 23% In A Day


cryptopotato.com 21 March 2020 01:30, UTC
Reading time: ~3 m

  • Tezos saw a substantial increase following a four-day recovery from $1.2.
  • Against Bitcoin, Tezos slightly bounce around 25000 SAT support after heavy correction, but bullish actions are still shaky.
  • Tezos would confirm a trend reversal if the price can rise above the immediate resistance level.
  • If the price drops beneath the weekly low, the XTZ market may resume short-term bearish actions.

XTZ/USD: Tezos Showing Strength Again

Key Resistance Levels: $1.80, $2

Key Support Levels: $1.25, $0.845

XTZ/USD. Source: TradingView

Over the past few days, the entire crypto market has seen a nice recovery following the latest increase in trading volume and the market cap ($186 billion) compared to last week’s $130 billion (lowest).

Due to this latest actions, the price of Tezos has seen a substantial increase of 23% over the past 24-hours. After starting its recovery from $1.2 (a weekly low), Tezos is now showing strength around $1.78 against the US Dollar.

We can see that the buyers have increased pressure towards a crucial resistance of $1.8 (orange area on the daily chart) – the support that got broken during last week’s sell-off. The buyers are more likely to gain control once the price breaks through, especially above the $2.

Tezos Price Analysis

Looking at the bigger picture, the buyers appeared to be showing commitment for the past few days now. Tezos is trading close to $1.8 resistance. If price breaks well above this resistance, Tezos would need to also overcome $2 for more valid buy.

Meanwhile, the XTZ/USD pair is currently supported by $1.25, the upper blue line on the daily chart. In case the market rolls back, the next support to look out for is $0.845, right on the second blue line.

Considering the latest trading volume, the bulls are likely to stay in the market for a while before any further actions play out.

XTZ/BTC: Tezos Is Weak At 25000 SAT Support

Key Support Levels: 30000 SAT, 35000 SAT, 40000 SAT

Key Resistance Levels: 20000 SAT, 15000 SAT, 10000 SAT

XTZ/BTC. Source: TradingView

Against Bitcoin, the price of Tezos has continued to trade around the 2500 SAT support since our previous price analysis. Tezos is still struggling around the 26800 SAT level following 1.59% gains over the past 24-hours.

Looking at the daily chart, the bulls are starting to show interest, but the buying volume is not enough to produce a significant gain. Short-term bears are still around. Meanwhile, there’s hope for a strong rebound if the orange demand area (25000 SAT) continues to suppress selling pressure.

However, the red ascending trend line is still supporting Tezos in case of bearish extension. The price needs to recover nicely above the 30000 SAT level before we can consider Tezos as bullish.

Tezos Price Analysis

In case Tezos bounces sharply off the orange area, the mentioned level (30000 SAT) would be the first target resistance for the bull. The upcoming resistance after that is the 35000 SAT level.

Above this resistance lies the 40000 SAT level, which is where the price started to fall in mid-February. Tezos is likely to print a new yearly high if the mentioned resistance breaks.

In case Tezo’s price drops and breaks below the 4-month ascending line, the first level of support is 20000 SAT, followed by 15000 SAT (the yearly low). If these support levels fail to hold, the next bearish target would be 10000 SAT, which is the November 2019 low.

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