Lorenzo Stroe
Independent Analyst
- Tezos price seems to have finalized its consolidation period and is ready for a new leg up.
- The digital asset held above a critical support level and faces almost no barriers ahead.
- A breakout above a key resistance point on the 4-hour chart should push XTZ to previous highs.
The Tezos price had a 20% correction down to $5.37 but has recovered well and is poised for a new leg up after defending a crucial support level. The digital asset remains in price discovery mode after establishing a new all-time high of $6.8 on April 6.
Tezos price aims to continue strong uptrend
On the 4-hour chart, the Tezos price held above the 50 SMA support level at $5.4, and it is trading at $5.92 at the time of writing. The strongest resistance point in the short term is located at $6, a psychological level, and the 78.6% Fibonacci retracement level.
XTZ/USD 4-hour chart
A breakout above $6 should quickly drive the Tezos price toward the previous all-time high of $6.8. The RSI has cooled off significantly, which will allow bulls to push XTZ easily to new all-time highs.
XTZ/USD 4-hour chart
At the same time, a rejection from the key level at $6 will push the Tezos price down to the 50 SMA at $5.4, which also coincides with several lows formed on April 7. A breakdown below this point has a price target of $5, a psychological level, and the 50% Fibonacci retracement point.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Coinbase lists WIF perpetual futures contract as it unveils plans for Aevo, Ethena, and Etherfi
Dogwifhat perpetual futures began trading on Coinbase International Exchange and Coinbase Advanced on Thursday. However, the futures contract failed to trigger a rally for the popular meme coin.
Stripe looks to bring back crypto payments as stablecoin market cap hits all-time high
Stripe announced on Thursday that it would add support for USDC stablecoin, as the stablecoin market exploded in March, according to reports by Cryptocompare.
Ethereum cancels rally expectations as Consensys sues SEC over ETH security status
Ethereum (ETH) appears to have returned to its consolidating move on Thursday, canceling rally expectations. This comes after Consensys filed a lawsuit against the Securities & Exchange Commission (SEC) and insider sources informing Reuters of the unlikelihood of a spot ETH ETF approval in May.
FBI cautions against non-KYC Bitcoin and crypto money transmitting services as SEC goes after MetaMask
US Federal Bureau of Investigations (FBI) has issued a caution to Bitcoiners and cryptocurrency market enthusiasts, coming on the same day as when the US Securities and Exchange Commission (SEC) is on the receiving end of a lawsuit, with a new player adding to the list of parties calling for the regulator to restrain its hand.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?