coincodex.com
Key highlights:
- Tezos saw a powerful 23% price explosion today as the coin surges to $6.50.
- The cryptocurrency is now up by a whopping 71% over the past month of trading.
- Against Bitcoin, Tezos managed to surge past 10,000 SAT yesterday, and it continued higher to reach a high of 11,000 SAT.
Buy Tezos on Binance
| Tezos price | $6.32 |
|---|---|
| Key XTZ resistance levels | $6.43, $6.50, $7.00, $7.20, $7.44 |
| Key XTZ support levels | $6.00, $5.65, $5.42, $5.10, $4.78 |
*Price at the time of writing
Tezos is up by a whopping 71% over the past month of trading as the cryptocurrency managed to break above the 2021 resistance at $5.65 to reach as high as $6.44 today, where it ran into resistance at 1.272 Fibonacci Extension level.
Tezos had started to surge higher toward the end of March after rebounding from support around $4.00 as it managed to break above $5 by the beginning of April. After a short-term drop to $4.75, XTZ started to push higher over the weekend to reach the 2021 highs today.
Tezos has been enjoying the recent surge after Tim Draper started to voice his support for the project. Draper’s venture capital firm, Draper Goren Holm, announced it would start to help grow the Tezos ecosystem by incubating and accelerating the most notable projects on the blockchain.
The cryptocurrency now joins the $25 million venture capital fund as Draper states that the Tezos protocol has everything needed to define the next cycle of cryptocurrency adoption, particularly due to its scaling capability and its governance system.
In other news, an identity oracle built on the Tezos blockchain went live this week. TezID will help to allow users to verify their ownership of email addresses, phone numbers, and digital currencies that they own through its smart contract:
Announcing TezID ~ an identity oracle for @tezos ?? https://t.co/9bKAVDLIMU
— TezID (@TezID_net) March 30, 2021
Read all about me: https://t.co/1wCejpNcSw#tezos #identity #oracle #tezid
Tezos still remains ranked in the 30th position as it currently holds a $4.91 billion market cap valuation.
Tezos Coin Price Analysis
What has been going on?
Analyzing the daily chart above, we can see that Tezos started to surge higher during February as it reached the resistance at $5.65 (1.618 Fib Extension). It was unable to overcome this resistance and ended up rolling over toward the end of the month until support was found at a rising trend line at around $3.40.
In March, Tezos started to slowly grind higher but struggled to overcome resistance at $4.50. It bounced between this resistance and support at $3.78 for the majority of the month until the end of March, when it finally managed to penetrate $4.50.
In April, Tezos managed to push past the February highs yesterday as it surged above $6.00 to reach the resistance at $6.44 (1.272 Fib Extension level). It has since dropped slightly as it trades at $6.23.
Tezos price short term prediction: Bullish
Tezos is strongly bullish right now. The coin would need to drop beneath $5.00 to turn neutral and would have to continue beneath support at $3.78 (100-day EMA) to turn bearish in the short term.
If the sellers start to push lower, the first level of support lies at $6.00. Beneath this, support lies at $5.65, $5.42 (.382 Fib Retracement), $5.10 (.5 Fib Retracement), and $5.00. Additional support lies at $4.78 (.618 Fib), $4.50, and $4.00.
Where Is The Resistance Toward The Upside?
On the other side, the first level of resistance lies at $6.44 (1.272 Fib Extension). This is followed by resistance at $6.85 (1.414 Fib Extension), $7.00, $7.20 (short-term 1.272 Fib Extension), and $7.44 (1.618 Fib Extension.
If the buyers continue beyond $7.50, resistance lies at $8.00 and $8.14 (short-term 1.414 Fib Extension).
What has been going on?
The situation is slightly different against BTC as it has not created fresh highs for 2021 just yet. The coin had dropped from resistance at 11,500 SAT in mid-Feb as it started to plummet until support was finally found at 6,660 SAT toward the middle of March.
From there, XTZ started to rebound as it slowly started to grind higher. Yesterday, XTZ managed to break the March highs as it surged above the resistance at the 100-day EMA level. Today, XTZ continued to push higher as it reached as high as 11,000 SAT. Currently, it is battling resistance at 10,735 SAT, provided by a bearish .786 Fib Retracement.
XTZ/BTC price short term prediction: Neutral
Tezos is still neutral against Bitcoin. It would need to break above the resistance at 12,000 SAT to turn bullish over the medium term. On the other side, a break beneath the 8,000 SAT level would turn the market bearish again.
If the sellers push lower, the first level of support lies at 10,372 SAT (January highs). This is followed by support at 10,000 SAT (.236 Fib Retracement), 9295 SAT (.382 Fib Retracement), and 9000 SAT (100-day EMA).
Beneath this, additional support lies at 8263 SAT (.618 Fib Retracement), 8000 SAT, and 7525 SAT (.786 Fib Retracement).
Where Is The Resistance Toward The Upside?
On the other side, the first level of resistance lies at 10,735 SAT (bearish .786 Fib Retracement). This is followed by 11,000 SAT, 11,490 SAT (1.272 Fib Extension), and 12,000 SAT (200-day EMA).
Beyond the 200-day EMA lies at 12,500 SAT, 12,855 SAT (1.414 Fib Extension), 13,380 SAT (bearish .236 Fib Retracement), and 13,755 SAT (1.618 Fib Extension).
Previous Technical Analysis
At CoinCodex, we regularly publish price analysis articles focused on the top cryptocurrencies. Here's 3 of our most recent technical analysis articles:
- Bitcoin Sees $1 Trillion Market Cap For More Than 10 Days As Entire Cryptocurrency Industry Surpasses Value of US Banking Sector (Bullish)
- XRP Price Analysis: XRP Starts To Turn Bullish As It Returns To Levels Before SEC Lawsuit Filed - How High Can It Go? (Bullish)
- Top Performers This Week: HOT, BTT, EOS, TRX, & FIL - Where Are They Heading To Next Week? (Bullish)