The price of Tezos XTZ maintains its daily gains at 2.53% right now during a dump of $14 billion which some analysts started calling the “pre-halving” correction. The price of XTZ has undergone a correction across its trading pairs as buyers wait to reiterate new actions. A strong rebound at the ascending trend line would validate a continuation for the XTZ bulls.
Now, the price of Tezos XTZ is trading at $2.79 after touching the $3 mark last week and topping out with gains at 200% in seven weeks. Currently, the 10th largest cryptocurrency is undergoing a correction following a loses overnight, led by a drop in the Bitcoin price.
And while the Bitcoin, Ethereum and Ripple news are showing corrections and minuses today, Tezos XTZ maintains a positive momentum as it trades around $2.80 and above its weekly support at $2.57. Even if this support breaks, there is hope for a rebound at the 8-week ascending line, market yellow on the 4-hours chart.
A breakdown could occur. However, if the yellow line fails to provide a new rebound, it might lead to a major drop in the price of the XTZ coin. But right now, Tezos’ bullish trajectory remains valid in the 4-hours time frame.
While Tezos XTZ maintains the support at $2.57 which is indicated with white at the graph shown above, the next support which buyers need to keep in mind is right beneath the yellow ascending line at $2.37 in case of a breakdown.
A nice rebound could now prove us wrong and position the Tezos (XTZ) price at $3, which is something that many bulls are looking forward to. However, for now, the key resistance is located at $2.90 and followed by the April high of $3.06 which is labelled red in the chart above.
Ever since our previous Tezos price analysis, the coin showed a lot of strength but bears got to it, too. Interestingly, buyers are continuing to invest in XTZ and are provided with a good discount rate now having in mind the recent drops in the Tezos news.
A continuous sell action is something that can occur as the market is losing momentum while it is waiting for the May 2020 Bitcoin halving. However, Tezos XTZ maintains a mid-term bullish momentum on the daily chart.
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