Tezos Trades In Opposite Direction To Overall Market -Where To Next?

• Tezos saw a small 3% price increase over the past 24 hours as it bucked the overall market decline seen within every other coin.
• Tezos has now seen a 137% price increase over the past 30-days, making it the strongest performing top 20 cryptocurrencies.

Whilst the rest of the market takes a drop, Tezos has managed to remain in the positive digits after clocking a 3% price increase over the past 24 hours of trading. The cryptocurrency is currently trading at a price of around $3.64 and even managed to climb as high as $3.94 over the past 24-hours.

Tezos is ranked in the 10th position amongst the top cryptocurrency rankings as it holds a total market cap value of $2.56 billion.

Tezos Price Analysis

XTZ/USD – Daily CHART – SHORT TERM

Market Overview

Taking a look at the daily chart above, we can clearly see the epic rampage that Tezos has witnessed over the past few weeks. The cryptocurrency started the year beneath $1.40 but went on to climb as high as $3.94 in yesterday’s trading session.

The cryptocurrency found resistance during mid-Feb at around $3.55 as it dropped and found support at $3.00. It has now climbed above this resistance as it reached $3.94 before dropping to the $3.64 level.

The bulls remain solidly in control over the market momentum and we should expect to see some further rises from Tezos.

Short term prediction: BULLISH

The cryptocurrency remains bullish, especially after creating a 2020 high just yesterday. It would need to drop beneath $2.60 for this bullish trend to be in danger of becoming invalidated.

Looking ahead, if the bulls manage to close today above $3.60 we can expect higher resistance at $3.80 and $3.94 (1.272 Fib Extension). This is followed by additional resistance at $4.00.

If the bulls can break $4.00, resistance is then expected at $4.16 (1.414 Fib Extension), $4.25, and $4.47 (1.618 Fib Extension).

On the other hand, if the sellers push beneath $3.60, support lies at $3.55 and $3.50. Beneath this, additional support is located at $3.31, $3.20, $3.00, and $2.92.

Key Levels

Support: $3.60, $3.55, $3.50, $3.31, $3.20, $3.00, $2.92.

Resistance: $3.80, $3.94, $4.00, $4.16, $4.25, $4.47, $4.66.