Tezos Price Analysis - XTZ Passed the $1.40 Mark But Bears are not Letting Go
Key Highlights:
- Tezos’s bullish sentiment is fading out but there’s hope if buyers reclaim their spot.
- Decreasing volume indicates incoming price drops for XTZ market.
- After losing -1.29% overnight, Tezos’s price cuts near important support.
| ⠀Tezos price: | $1.51 |
|---|---|
| ⠀Key XTZ resistance levels: | $1.64, $1.80, $2 |
| ⠀Key XTZ support levels: | $1.40, $1.22, $1.1 |
*Price at the time of writing
Mass adoption and usage are one of the biggest growths that could trigger the value of a cryptocurrency or a token. Recently, Vertalo – an operating system for digital assets, has considered Tezos security over Ethereum for its customers to allow smart contracts through ERC-20 token supported by Ethereum blockchain. The company considered Tezos due to its TPS and other enticing functionalities. This should go a long way for XTZ in terms of future growth.
Tezos Long Term Price Prediction: Bullish
Tezos saw a notable increase of about 20% over the past four weeks of trading. Last week, the short-term rally recorded the monthly high around $1.64 before witnessing a slight drop. XTZ is now hovering around $1.52 after losing -1.29% overnight. The 16th largest cryptocurrency by market cap now trades under $45 million volumes with a market cap valuation of $1 billion.
However, the recovery from the $1.22 support range has led the bulls into actions after correcting from $1.8 in late 2019. Apart from this range, XTZ has further built higher support at $1.40- which is now holding price actions.
The XTZ market is quite stable now, although the bullish setup is still valid. The next potential resistance here is $1.64 and followed by $1.80. Once buyers manage to overcome these resistances, $2 is the next resistance to watch out for. On the downside, XTZ might roll at $1.1 if the blue zones break. Currently, Tezos is looking bullish on the daily chart.
Tezos Medium Term Price Prediction: Bullish
Tezos is positioned in an upward range on the 4-hours chart. The market is showing a sign of weakness since the price fell from $1.63 last week. We can see that volatility is subdued with choppy price actions, although XTZ is relying on a white rising trend line after gaining support on the blue zone of $1.46. Tezos is likely to bounce back once buyers show interest again.
In this case, we may see a rebound to $1.58 and $1.63 resistance. But as it appeared now, the price may drop soon. Looking at the price chart, we can see that XTZ volume is decreasing. If this volume continues to fade out, we can expect the price to drop into the blue support zones of $1.46, $1.42 and $1.30 respectively. However, that is yet to play out. We may need to wait for a confirmation before taking a position.
Tezos Short Term Price Prediction: Bearish
Tezos is technically bearish on the hourly chart but the three days recovery from $1.45 has led to a mild bullish sentiment. Still, we cannot consider that as a positive sign. As of now, XTZ is looking for support at $1.5, on the white rising trend line. At this support, a low drive could signal more bearish bias as $1.46 support may be explored.
On the other hand, XTZ could climb back higher if the buyers can reclaim $1.54 resistance. However, the next resistance to keep in mind is $1.58 and $1.64. Additionally, if XTZ volume continues to rise, we can expect the buyer to resume pressure.
Conclusion
Tezos’s price is weak for some days now. If these drops elapse $1.50 level, a mid-term bearish reversal would be at play. Inversely, XTZ could regain momentum if the monthly bullish sentiment resumes. But from a technical perspective, a bearish sentiment looks more realistic than bullish at the moment.
Previous XTZ price analysis
At CoinCodex, we regularly publish price analysis articles focused on the top cryptocurrencies. Here's 3 of our most recent articles about the price of Tezos: