Tezos Price Forecast: XTZ enters reversal model after explosive 40% sell-off
- Tezos price suffered a massive 40% sell-off down to $2.9.
- The digital asset had an excellent recovery jumping by 33% above a key support level.
- The next target for XTZ bulls is located at $4.4 in the short-term.
Like the rest of the cryptocurrency market, Tezos price suffered a flash crash losing about 40% of its value in less than 48 hours. However, XTZ bulls managed to defend a crucial support level and aim for a significant rebound.
Tezos price aims for $4.4 in the short-term
On the 9-hour chart, Tezos price has just climbed above a crucial resistance level at $3.7 which coincides with the 100-SMA level. If XTZ bulls can hold this key point, Tezos price could easily jump towards $4.4 which is the 50-SMA level.
XTZ/USD 9-hour chart
On the other hand, failure to hold the 100-SMA support at $3.7 would be bearish and likely to take Tezos price down to the psychological level at $3, which converges with the 200-SMA support level.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
