Tezos Price Analysis – XTZ Rebounds From .5 Fib as Bulls Regroup and Push Higher

Key highlights:

  • Tezos surged a strong 17% today as the cryptocurrency breaks back above $5.50
  • The coin had broke beneath the 50-day MA but found support at $4.65 (.5 Fib Retracement)
  • Against Bitcoin, Tezos also found support at a .618 Fib & the 50-day MA and has bounced back above 13,000 SAT
Tezos price$5.81
Key XTZ resistance levels$6.00, $6.50, $7.00, $7.50, $7.70
Key XTZ support levels$5.50, $5.00, $4.65, $4.50, $4.00

*Price at the time of publication

Tezos surged by a powerful 17% today on the market rebound, allowing the cryptocurrency to break back above $5.50. 

The coin reached a new ATH at $8 in September but started to roll over from there and continued to fall until the support at $4.65 (.5 Fib Retracement) was met yesterday. Today’s rebound allowed Tezos to finally push back above $5.50 and hit the 20-day MA level. 

The September surge for Tezos has been quite magnificent after the coin finally set the new ATH. The surge was largely attributed to the fact that Tezos started to enter into the NFT space, a new trend that has caused blockchains to explode since Solana. 

Notably, Doja Cat, an American songwriter and rapper, recently launched her NFT collection on OneOf, a digital art marketplace that is running on top of Tezos.  The announcement of her NFT caused Tezos to explode by almost 50% on September 9th.

.@DojaCat has done more for #Tezos than almost anyone this year.— Altcoin Daily (@AltcoinDailyio) September 9, 2021

Adding further to the Tezos NFT hype, a new Tupac Shakur series will soon be available on the Kalamint NFT marketplace on Tezos. The series is being released by his friend Darrin Keith Bastfield and the series will include a book titled “back in the Day: my life and times with Tupac Shakur.”

Tezos is now ranked in the 30th position as it currently holds a $4.89 billion market cap valuation.

Tezos price analysis

What has been going on?

Taking a look at the daily chart above, we can clearly see the explosive price action that Tezos witnessed in September. The coin started to surge in mid-August when it rebounded from $3.50 and broke above an ascending price channel toward the end of the month to reach as high as $6.00 (bearish .618 Fib Retracement).

Tezos would fall in the early days of September to hit the support at $4.00, provided by a 100-day MA. From there, it would explode to break $6.00 and set the new ATH price at $8 toward the middle of September. 

Since hitting the new ATH, Tezos rolled over and started to fall. It would go on to break beneath $6.00 at the start of this week and drop beneath the 50-day MA at $5.00. It continued to fall until support was finally found at $4.62 (.5 Fib Retracement) yesterday. The support there was further bolstered by the 100-day MA at $4.50. 

After rebounding from $4.62, Tezos broke above $5.50 yesterday and continued higher to hit the 20-day MA today.

Tezos price short term prediction: Bullish

The break above $4.00 turned Tezos bullish in the short term. The cryptocurrency would need to break beneath $4.50 (100-day MA) to turn neutral and would have to continue beneath $4.00 (200-day MA) to be in danger of turning bearish in the short term.

If the sellers do push lower again, the first support is expected at $5.50. This is followed by support at $5.00 (50-day MA), $4.62 (.5 Fib Retracement), and $4.50 (100-day MA).

Beneath the 100-day MA, additional support lies at $4.00 (200-day MA & .618 Fib Retracement), $3.78, $3.50, and $3.20 (.786 Fib Retracement).

Where is the resistance toward the upside?

On the other side, the first resistance lies at around $5.70 (20-day MA). This is followed by additional resistance at $6.00 (bearish .618 Fib Retracement), $6.50, $7.00 (bearish .786 Fib Retracement), $7.50, and $8.00.

If the buyers continue to break the previous ATH, further higher resistance lies at $8.10 (1.272 Fib Extension), $8.60 (1.414 Fib Extension), and $9.

XTZ/BTC price analysis

What has been going on?

The situation is fairly similar when looking at the XTZ/BTC. The coin surged higher from 9,000 SAT in early September to reach as high as 17,650 SAT (1.414 Fib Extension) by the middle of the month. 

Since hitting the September highs, XTZ has rolled over and started to fall. It continued to drop until support was found at 11,125 SAT (.618 Fib & 50-day MA) yesterday. The support there was further bolstered by a rising trend line that allowed XTZ to rebound and reach the current 13,000 SAT level.

XTZ would need to go on to clear 16,000 SAT to continue the epic bullish run seen in the second week of September.

XTZ/BTC price short-term prediction: Bullish

The September price surge has now caused XTZ to turn bullish in the short term. The cryptocurrency would have to fall beneath the support at 10,000 SAT (100-day & 200-day MA levels) to turn neutral. It would need to continue further beneath 8,000 SAT to turn bearish.

If the sellers push lower, the first support lies at 12,385 SAT (.5 Fib Retracement). This is followed by 12,000 SAT, the rising trend line, 11,125 SAT (.618 Fib Retracement & 50-day MA), and 10,000 SAT (100-day & 200-day MA).

Where is the resistance toward the upside?

On the other side, the first resistance lies at 14,000 SAT. This is followed by 15,000 SAT, 16,000 SAT, 16,250 SAT (1.617 Fib Extension), 16,750 SAT (1.272 Fib Extension), and 17,650 SAT (1.414 Fib Extension).


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