Tezos is still trading in a sideways move since September. The altcoin is fluctuating between levels of $1.95 and $2.50.
On November 22, the bulls broke the resistance at $2.50 but were resisted. The coin fell back to the range-bound zone. The upward move is doubtful as the price fell to the range-bound zone.
The price of Tezos is above the moving averages which suggest that the coin is capable of rising. On the upside, if the resistance at $2.50 is broken and the price momentum is sustained, the coin will rally to $3.40 high. The sideways move will continue if the bulls fail to resume upside momentum.
The 50-day and the 21-day SMA are sloping horizontally indicating the sideways trend. A break below the SMAs will indicate a further downward movement of the coin. Tezos is at level 51 of the Relative Strength index period 14. It indicates that there is a balance between supply and demand.
Key Supply Zones: $4.50, $4, $3.50
Key Demand zones: $2.50, $2, $1.50
Tezos will rise if the current resistance is breached. There is a possibility of a further upward move. On November 28 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. This retracement indicates that the coin will rise to level 1.618 Fibonacci extensions. In other words, XTZ will rise to a high of $2.59.
Disclaimer. This analysis and forecast are the personal opinions of the author that are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Coin Idol. Readers should do their own research before investing funds.