cryptopotato.com
- Tezos dropped to $2.73 following Bitcoin’s dump yesterday.
- Despite that, the bullish trajectory is still much valid across trading pairs but the price remains indecisive.
- The price should bounce back if Bitcoin can hold the $9500 level as support.
XTZ/USD: Tezos Returns Gains After Faking out
Key Resistance Levels: $3.14, $3.3, $3.95
Key Support Levels: $2.73, $2.37, $2.06
After a long period of consolidation, Tezos saw a quick 6% surge to reach a three-month high of $3.15 yesterday. But all of this was quickly turned into a 1.5% loss in just 15-minutes following the latest dump in Bitcoin’s price over the last 24-hours.
Due to move, Tezos is now roaming around $2.87 after losing the $3 key level. The price could bounce back if Bitcoin can hold the $9500 level as support. However, it may become difficult for XTZ to regain momentum if the buyers fail to regroup back above the important $3 level.
Meanwhile, the bullish trajectory is still much valid as long as the yellow trend line continues to hold.
Tezos Price Analysis
It would be too early to start thinking of a drop, although the price recovery over the past months is quite noticeable on the daily chart. However, a possible double top pattern could reverse the trend.
If the price drops below the weekly low of $2.73, the potential support to keep in mind is $2.35, followed by a key level at $2.06. $1.8 might also come into play if the pressure continues.
Reclaiming the $3 level would be a good start point for a fresh increase. It would still need to clear yesterday’s high of $3.15 before rising further to $3.3 and $3.94, which is the current yearly high.
Such actions can be expected as soon as trading volume evaporates back in the market. Despite that, XTZ remains bullish on a short-term perspective.
XTZ/BTC: Tezos Is Struggling Under 30000 SAT Level
Key Resistance Levels: 30000SAT, 38000 SAT, 40000 SAT
Key Support Levels: 28500 SAT, 25000 SAT, 24000 SAT
Against Bitcoin, Tezos is consolidating since it rebounded from a key level of 25000 SAT in May. The price has been facing key resistance at 30000 SAT level for some days now. The long-term bullish trend is still valid on the daily chart but it may remain indecisive if buyers fail to reiterate short-term actions.
Meanwhile, bears are also showing commitment to trading following previous lower highs (marked as resistance) at the 40000 SAT and 38000 SAT levels. A new lower high might come around 35000 SAT if Tezos fails to push further. As can be seen on the daily chart, it is currently forming a bullish triangle pattern.
Tezos Price Analysis
While consolidating around 30000 SAT, the potential resistance level to keep an eye on is at 35000 SAT, around the triangle’s resistance. A break above it should send price straight to 38000 SAT and the 40000 SAT resistance, which is currently holding as yearly high.
Tezos is holding weekly support on the grey-marked trend line at 28500 SAT, near the triangle’s support. The long-term bullish action might come to an end if the price drops below this triangle. The closest support to watch for such a move is 25000 SAT and $24000 SAT, as indicated white in the above chart.