After an inspiring bull run, the Altcoin market is losing ground on setting fresh highs. The XTZ/USD is attempting to stabilize its upside run after it suffered a technical rejection from its recent high at the $2.97 medium-term zone. Tezos displayed signs of strength after multiple defenses around its $2.20 support level sent its price surging upwards. Buyers are now attempting to break higher as the unrelenting XTZ/USD upside run gathers strength for $3.0. The asset is currently 19th on the Coinmarketcap table, with a market cap of $1.76 billion, and $16.9 million in trade volume over the past 24 hours. At the time of this post, Tezos is trading at $2.32 after hitting an intraday high of $2.4358. Tezos brace up for the “Edo” upgrade which will introduce robust security features. This next network upgrade will also include a revamp of the project’s smart contract functionality with the introduction of token issuance capabilities. In a joint statement by Tezos developers Nomadic Labs, Meta state, and Marigold, the upgrade will go live in early December.
*Tezos displayed signs of strength after multiple defenses around its $2.20 support level sent its price surging upwards
*Buyers are now attempting to break higher as the unrelenting XTZ/USD upside run gathers strength for $3.0
*Tezos brace up for “Edo” upgrade which will introduce robust security features
Resistance Levels: $4.49, $3.52, $2.97
Support Levels: $2.20, $2.00, $1.78
XTZ/USD Daily Chart: Ranging
XTZ/USD Daily Chart
XTZ/USD is losing ground after it reached a high marginally below the $3.0 mark in the prior week. However, XTZ/USD has displayed signs of strength at its multiple defenses around the MA 50 zone and its support at the $2.20 level. Should the price make another run higher, it’s likely to meet resistance at $2.50. A successful break above this minor resistance could open the way for the Nov.25 high at $2.97 before challenging the $3.0 and $3.52 resistance.
On the flip side, the price stays within the daily MA 50 and MA 200 which suggests there is still some consolidation move before the pair advances again. The RSI is heading south in the positive area, while the pair is losing momentum in the bullish territory. In the larger context, XTZ/USD would need to make a sustained climb above $2.50 and MA 200 for the outlook to become convincingly bullish.
XTZ/USD 4-Hour Chart: Ranging
XTZ/USD 4-Hour Chart
Tezos could test back towards the $2.20 level in the near-term as the token confronts several technical rejections from the $2.5 area. Traders that are bearish towards the token may increase bearish bets towards the XTZ/USD pair if the $2.20 level is breached. The technical analysis highlights that the XTZ/USD pair could decline as far as the $2.0 support level.
However, an upsurge in buying pressure around the prevailing price level may probably boost XTZ above the critical hurdle at $2.5 and jumpstart Tezos uptrend by more than 20% toward the next seller congestion at $3. The XTZ/USD pair is only bullish while trading above the $2.5 level, key resistance is found at the $2.97 and the $3.52 levels. If the XTZ/USD pair trades below the $2.20 level, sellers may test the $2.0 levels.
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