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Tezos Price Analysis: XTZ Climbs To $1.40 But Can It Go Higher?



Summary

  • Tezos continues to battle the 7-month old descending trend line to climb higher.
  • The cryptocurrency looks ready to surge against Bitcoin as the Stochastic RSI lines up for a bullish crossover.
  • Tezos climbed to the 14th position with a market cap of $935 million.

Key Support & Resistance Levels

XTZ/USD

Support:  $1.23, $1.17, $1.12, $1.00.

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Resistance: $1.34, $1.40, $1.47.

XTZ/BTC:

Support: 0.0001685 BTC, 0.000158 BTC, 0.000138 BTC, and 0.000127 BTC.

Resistance:  0.0001828 BTC, 0.000195 BTC level (November 2019 highs), 0.000206 BTC.

XTZ/USD: Tezos Climbs To $1.40xtzusd-dec7

Since our last analysis, Tezos bounced from the $1.23 support and is now attempting to re-test the 7-month old falling trend line. It will need to break above this level of resistance for the bull run to press upward. The 100-days EMA has recently crossed up above the 200-days EMA which is a very strong bullish signal. 

Tezos Short Term Price Prediction

In the short term, we must see Tezos breaking above the falling trend line and the $1.40 level to continue higher. Alternatively, if the sellers push the market beneath $1.12, we could consider XTZ in a bearish market.

Above $1.40, higher resistance is to be expected $1.47 (1.272 Fib Extension), $1.56 (1.414 Fib Extension), and $1.68. Alternatively, if the sellers pressure the market lower, support can be found at $1.23, $1.17, $1.12, and $1.00.

The RSI remains above the 50 level which is a good sign for the buyers as they are in charge of the market momentum. Furthermore, the Stochastic RSI has recently produced a bullish crossover signal which should help bring XTZ higher.

XTZ/BTC: Tezos Looks Primed For A Breakout 

xtzbtc-dec7

Tezos remains strongly supported at the 0.000168 BTC level. It has spiked lower in December but has always managed to close above the aforementioned support. XTZ must now break above the resistance at 0.00018 BTC to continue this bullish trend.

Similarly, the 100-days EMA is about to cross the 200-days EMA which is a very strong sign for the buyers.

Tezos Short Term Price Prediction

If the bulls can break above 0.0001929 BTC, we can expect immediate resistance at 0.000195 BTC. If it climbs above 0.0002 BTC, resistance is located at 0.000215 BTC (1.272 FIb Extension) and 0.000225 BTC (1.414 Fib Extension). On the other hand, we can expect strong support at 0.000168 BTC and 0.000158 BTC. Beneath this, support lies at 0.00014 BTC.

The Stochastic RSI is in oversold conditions as we wait for a bullish crossover signal to send the market higher. 



Source


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