Tezos price prediction: Tezos finds support at $3.8, reverses to the upside

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  • XTZ pushed to $4.2 over the last hours.
  • Strong support found at $3.8.
  • Next resistance at $4.5.

Today’s Tezos price prediction is bullish as the market has set a clear higher low around $3.8-$4 area and has moved higher over the past hours

Tezos price prediction: Tezos finds support at $3.8, reverses to the upside 1
Cryptocurrency heat map. Source: Coin360

Cryptocurrency markets continue moving higher over the last 24 hours. Previously Litecoin had the best performance with 7.5 percent to the upside. However, Ethereum has overtaken the lead and currently trades with over 9 percent in the green over the last hours. Similar strong performance is seen across the market, indicating that bulls are in control.

Tezos price prediction: Tezos finds support at $3.8, reverses to the upside

XTZ/USD opened at $3.96 today after several bearish days pushed the market from a local high of $4.59 to a low of $3.8, confluent with the 61.8 Fibonacci retracement from the previous upswing. Right now, the Tezos price has started pushing higher again and so far looks to close the daily candle with very bullish price action. Therefore, we expect XTZ to push higher tomorrow and likely break above the current local high of $4.59 next week. 

Tezos price movement in the last 24 hours

The XTZ/USD price moved in a range of $3.81 – $4.23, indicating a decent amount of volatility when compared to previous days. Trading volume has dropped by 2.71 percent and totals $370 million over the past 24 hours. Tezos market cap stands at 3.186 billion, ranking the cryptocurrency in 32nd place.

XTZ/USD 4-hour chart – Will Tezos continue bullish momentum tomorrow?

On the 4-hour chart, we can see strong bullish candles pushing the Tezos price from the previously mentioned support area around $3.8-$4, which established a higher low for the market structure. This could mean that we will see some retracement overnight and potentially tomorrow. However, this should lead XTZ/USD towards pushing for a new higher high next week.

Tezos price prediction: Tezos finds support at $3.8, reverses to the upside 2
XTZ/USD 4-hour chart. Source: TradingView

Overall, Tezos has had very bearish past weeks as the market dropped by more than 40 percent from the high of $5.6 to the low around $3.2, where very strong support was found and retested several times with clear rejections. Therefore, the Tezos price signaled a new bottom, from which further bullish price action development will occur. 

After spending several days trading in a range of $3.2-$3.8, the Tezos price did finally break out of this range early last week. What resulted was a brief retracement that set a high low on the 5th of March. From there on, Tezos pumped towards the current high, around $4.6. 

After several retracement days, Tezos reached 61.8 percent Fibonacci retracement and 100-period moving average, seen as the blue line on the chart. With this price level being previous significant resistance, XTZ found strong support and started to push higher earlier.

Right now, Tezos price looks to close the day with very bullish price action. This could be a powerful signal for traders looking to enter the market once again and is likely to push the market much higher next week.

The first target to reach is located around the $4.5-$4.6 previous high. If it is broken, we can expect XTZ to move towards the previous high of $5.4 over the remaining month. After this level is broken, there is no other resistance level for XTZ. We are likely to see Tezos push much higher in an exponential move, similar to the one seen at the beginning of February.

Alternatively, the Tezos price could see a small correction overnight as the market has extended over the past hours. However, this will likely be a short-term correction that could be used to enter the market in preparation for further upside next week.

Tezos Price Prediction: Conclusion 

Tezos price prediction is bullish as the market has made a clear signal that it wants to push higher and looks to close today’s daily candle with a substantial upside. Tezos price could see some resistance tomorrow, but overall we should see Tezos move higher next week.

While waiting for further upside, read our long-term Bitcoin price prediction and news story on Bitcoin hitting the long-awaited $60,000 mark.

Source: cryptopolitan.com

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