Tezos Eyes $3 Following Upbit Listing And Another 5% Daily Gains. XTZ Price Analysis & Overview

  • TezTezos price continued to increase after finding a rebound level yesterday.
  • The bullish bias is still dominant, but XTZ needs to reclaim previous resistance.
  • A mild correction could start for Tezos if the price drops below the previous lows.

XTZ/USD: Tezos Recovers Above $2.7

Key Resistance Levels: $3, $3.3

Key Support Levels: $2.57, $2.37

xtzusd_chart
XTZ/USD. Source: TradingView

According to a recent announcement, Upbit exchange added Tezos on its trading platform, which is expected to pair against BTC. Following this listing, the price has increased by 5% at the time of writing.

After a slight pullback to $2.57 yesterday, Tezos quickly bounced back above the mid-February drop level of $2.7 – marked red on the chart – to keep buyers on track. While Tezos currently trade around $2.75 against the US Dollar, the bulls are eyeing $3 on the upside.

The bullish trend remains valid on the 4-hours chart, but XTZ would need to clear the current monthly resistance at $2.896 to validate a continuation. However, a bearish action may occur if this resistance holds strong to form a double-top pattern.

Tezos Price Analysis

From above, the price is likely to reach $3 and $3.3 resistance levels if Tezos manages to clear the current monthly resistance at $2.89.

From below, the first line of support is $2.57 (yesterday’s low), which would confirm a double-top pattern if a breakdown occurs. The next to watch is $2.37 support, all indicated in white.

As mentioned in our previous analysis, the grey demand area would hold as a correction area for Tezos if the price drops beneath the yellow ascending trend line on the above chart.

XTZ/BTC: Tezos Found Rebound Level At 33510 SAT

Key Resistance Levels: 37960 SAT, 40000 SAT

Key Support Levels: 33510 SAT, 30500 SAT

xtzbtc_chart
XTZ/BTC. Source: TradingView

Earlier this month, Tezos started a bullish trend after gaining support around 25000 SAT, although the price later continued to respect a yellow ascending trend line, which is still valid up till now.

After rising by 50% in three weeks, Tezos recorded a fresh monthly high at around 37960 SAT on April 25 but later saw a 4% correction to reach 33300 SAT yesterday. The price has now recovered back to 36140 SAT. Buying volume is currently weak in the 4-hours time frame.

Tezos is likely to retake the previous resistance if the buying volume continues to increase by the day. But if XTZ fails to advance higher, it would be necessary to anticipate a potential bearish move, which would confirm with a breakdown.

Tezos Price Analysis

As long as the yellow trend line holds, Tezos would continue to follow a bullish trend. As of now, Tezos is approaching the 37960 SAT resistance again.

If the price surges above this resistance, a fresh resistance could print around 40000 SAT.

Tezos’s current price is supported by the yellow line. In case of a breakdown, the first level of support to watch is 33510 SAT. The next support after this is 30500 SAT, labeled white on the 4-hours chart.

 

 

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