Tezos Faces Rejection at $3.20 Resistance, May Resume up Trending
Today, January 17, 2021, Tezos (XTZ) has fallen to $2.69 after the rejection from the $3.17 high. Initially, it fell to $2.83 low before correcting upward.
Tezos (XTZ) price Long-term Prediction: Bullish
The upward correction was terminated as the Tezos coin continues retracement to $2.70 low. The support at $2.70 is holding as the market resumed an upward move. Before this time, the altcoin has been fluctuating between $2.0 and $2.70 since September 2020.
Yesterday, the bulls broke the resistance at $2.70 and the coin rallied to $3.20 high. The crypto has retraced to $2.83 as bulls failed to sustain the upward move. However, if the bulls eventually break the $3.20 resistance, the uptrend will resume and the coin will attain a new high. Nevertheless, if the bullish scenario fails, the crypto will fall into the previous price range of $2.0 and $2.70.
Tezos (XTZ) Indicator Reading
XTZ is at level 63 of the Relative Strength index period 14. It indicates that the crypto is above the centerline 50 and it is capable of rising. The crypto price is above the SMAs which suggests an upward movement of the coin. The upward movement will resume if the price breaks above the resistance line of the ascending channel.
Key Supply Zones: $5.50, $6, $6.50
Key Demand zones: $2.50, $2, $1.50
What is the next direction for Tezos (XTZ)?
From the price action, Tezos price is in an uptrend. According to the Fibonacci tool, the altcoin is likely to rise. On January 16 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. This indicates that the market will fall to level 1.618 Fibonacci retracement level. That is, the crypto will rise to a high of $3.82.
Disclaimer. This analysis and forecast are the personal opinions of the author are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Coin Idol. Readers should do their research before investing funds.
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