XTZ price prediction shows the uptrend could be stopped by a resistance wall at $3 as the coin is now trading at $2.37 after a 22% increase in the past week. In our Tezos news, we are reading more about the price analysis.
Tezos had a market capitalization of about $900 million at the start of 2020 but a few months later, the digital asset managed to reach $3.1 billion and after the pullback, it still has about $1.78 billion which is twice as big as it was at the start of 2020.
Despite the two recent price bounces, the resistance level created at $2.63 will pose a strong threat to the bulls as the resistance point was tested a few times through September 6 until the big rejection from September 15 which dropped Tezos by about 24%. The 50-SMA is also on the way to reach $3 and will start acting as a resistance level at $2.5 in the short-term. The rejection from the moving average has the potential to push the coin to $2 again as a re-test to the higher lows established on October 8.
The same resistance level at $2.5 can be seed at the 12-hour charts with that difference that it is at the 100-SMA. Either way, it adds credibility to the $2.5 level being a robust resistance point and the RSIC being overextended which means the price will experience a pullback. Despite the major resistance wall ahead, the current uptrend for Tezos is strong. On the 4-hour charts, the uptrend was confirmed on October 9 and the price has been creating higher lows and even higher highs.
The price managed to climb above the 50-day SMA and the 100-SMA turning both into support levels. Recently, XTZ cracked the 200-SMA and turned it into a support level. There are no resistance levels on the particular chart until $2.63 and the MACD stayed bullish for the past five days. The bullish breakout above the $2.5 can push XTZ up to $2.63 where the next resistance point is located. The continuation above the point has the potential to push Tezos up to $3 as there are almost no other resistance levels.
Tezos bulls are facing a strong resistance as per the XTZ price prediction, between $2.5 and $2.63 as the rejection from any of these levels could drop the price down to $2 with a re-test in the short-term. Before this level, there’s also some support around $2.2 where the 50-SMA and the 100-SMA on the 4-hour charts are established. On the other hand, the bulls are in control of TEzos and are eyeing for $3. The bullish breakout above $2.63 can boost the price towards the psychological resistance level at $3 as the short-time frame shows the bulls are in favor.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]
Discussion about this post