Tezos gained 5% after facing a resistance of $2.7 and it could even resume the uptrend if the price breaks up further. In our Tezos XTZ news today, we can see that the price is sitting at the 27000 SAT support area after it formed a higher level around 28000 SAT against Bitcoin.
Tezos could start dropping if the price drops below the current holding support. The key resistance level for XTZ is now at $2.7, $2.89 and $3.07 while the key support levels are standing at $2.375, $2.06, and $1.88. since the last analysis, Tezos continued to stay above the $2.3 level but the bullish action was never this moderate. The price is changing hands at $2.66 against the US dollar after Tezos gained 5% over the past hours.
The 10th largest cryptocurrency is now facing a $2.7 resistance level and at the same time, it is testing the yellow diagonal support line which was broken on May 11. The nice bullish action should be expected once the price gets back above the yellow line. The alternative move here is that Tezos will see another downward correction to the $2 level if this yellow resistance line suppresses the bullish pressure.
Even if the bulls manage to reach the $2.7 immediate resistance level, they will have to overcome the $2.89 and $3.07 resistance level before Tezos starts making a bigger move to the current high of $4. Looking at the charts, the buying volume is low and a weekly close above this trend line will signal a new price increase in the upcoming week. Failing to break the $2.7 resistance today, could lead to a second correction for Tezos and the $2.375 support could be tested again. The selling pressure could drive the price to $2.06 if the initial support fails to hold.
Tezos just created a new lower high around the 28000 SAT against Bitcoin and broke below the 27777 SAT support earlier this week. The price will revisit the weekly rebound level of 26000 SAT if the above level is breached. The break below the weekly low could cause a price drop for the XTZ/BTC pair. Tezos is now testing a support zone at the 27000 SAT level. the price could fall to 26000 SAT as mentioned before and if the line breaks, a heavy sell action should be expected to the 25000 SAT.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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