Amid the broad-based crypto corrections, Tezos has outpaced many of its larger peers in the last few days. Tezos is dropping slowly after an unprecedented price increase in the last 48 hours topped the daily chart. As the striking rally holds back beneath $4.43 a monthly high was established. Tezos, a near challenger by market cap for the 10 leading cryptocurrencies, has gone in the last 11 days on a strong rally of over 45 percent. Tezos is trading down just under 3 percent at its present $3.93 price at the time of publishing. While the price is now consolidating, it’s still around where the cryptocurrency confronted a $3.90 rejection. Tezos Q2’s growth on eToro remains positive as per the latest report from the brokerage firm. In the second quarter of 2020, eToro reported a drop in investor interest growth in every crypto-currency apart from Tezos (XTZ).
*Tezos is trading down just under 3 percent at its present $3.93 price at the time of publishing
*As the striking rally holds back beneath $4.43 a monthly high was established
*Tezos Q2 growth on eToro remains positive as per the latest report from the brokerage firm
Resistance Levels: $5.00, $4.75, $4.43
Support Levels: $3.50, $3.33, $3.00
XTZ/USD Daily Chart: Bullish
XTZ/USD Daily Chart
A monthly high was established at $4.43 after an unprecedented rally before a reversal came into the chart. The session is marked by higher selling pressure with losses reaching two main levels: $3.95 and $3.80, both at the horizontal upside support area. Although in a consolidation, XTZ/USD is hovering far ahead of its MA 50 and MA 200 while well supported on dips.
The RSI indicates the pair is overbought and is primed for a minor downward correction, however, XTZ/USD has lower levels of rising intensity that may well gradually repeat itself for an assault to the $4.75 zone beneath the attractive $6.0 mark. Decent support levels for XTZ/USD are $3.50, $3.33, and $3.12 reinforced by the MA 50 on the downside.
XTZ/USD 4-Hour Chart: Bullish
XTZ/USD 4-Hour Chart
Tezos is under pressure as the No.12 cryptocurrency seeks to garner buying interest higher for the next massive drive. Key technical resistance is discovered around $3.95 to $4.00 for the XTZ/USD pair beneath the $4.43 high level. To the positive, a breach beyond the level of $4.43 reveals further short-term gains towards the level of $4.75 and probably $5.00.
As for where the cryptocurrency may trend next, before contemplating a pullback, the crypto may probably see a substantially higher upside. The XTZ/USD pair is only bullish while exchanging beyond the $3.50 level, main support at the $3.95 and $4.43 levels is seen. If the XTZ/USD pair exchanges beneath the level of $3.50 then sellers may test the $3.33 and $3.00 levels.
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