Tezos gains 207% since the end of the Black Thursday but investors wonder whether the rally came to an end? Let’s find out in the following XTZ news.
Since dropping as low as $0.93, Tezos went crazy and gained 207% and closed at $3.96 which is why always investors wonder whether the increasing trend will stop soon. Such a huge move only shows signs of overextension and XTZ became overbought so the traders decided to take the profits. Tezos seems to be correcting a little as the price pulled back by about 5 percent reaching a high of $2.90.
Although XTZ was in tear between the BTC and USDT pairs, the altcoin encountered strong resistance at 61% just as Bitcoin and other altcoins are currently. As it can be easily seen on the daily charts, XTZ formed a top of $2.85 before pulling back below 61%. The recent move above $2.58 and pushed the price above the ascending channel but before this 25%, another move higher was followed by a retest of the support so that current pullback could simply be another episode of XTZ repeat of a price action seen before.
The price is now held by the high volume VPVR node at $2.72 and another drop below this level which could bring the price to the top of the channel of the ascending channel where there was support found at $2.59. The traders will look for another increase because of the 50% Fib level and below this level, the next support is at $2.35. The RSI (Relative Strenght Index) turned down a little but remained above the ascending trendline within the bullish zone.
On the 4-hour timeframe, the traders noticed that the MACD pulled below the signal line and the higher volumes surged which carried the price to new daily highs which have all vanished. Right now, XTZ trades below the Bollinger Band moving average which shows the VPVR indicator again standing at the $2.72 price level. Right now there is not a lot of demand until $2.35 which is below the 50% Fib level.
In the short-term, the traders should watch the shorter timeframes and see if XTZ could start forming a pattern of higher lows and set a 4-hour close above $2.79. The traders can wait for another breakout above the $2.92 as the VPVR on the daily and 4-hour charts.
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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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