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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.
Tezos Price Forecast: XTZ enters reversal model after explosive 40% sell-off
Lorenzo StroeLorenzo StroeIndependent Analyst

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 price

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

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.

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