Tezos Consolidates Above $2.50 Support, Makes Gradual Recovery

For the past week, buyers have sustained prices above the current support. Besides, three unsuccessful attempts have been made to push price above the $2.70 resistance zone.

The recent attempt was when the bulls broke the resistance and pushed Tezos above $2.80 high but was overwhelmed by the bears. Buyers are unrelenting as they continue to push the coin above the recent high. After the last breakdown from the high of $2.90, XTZ was confined between $2.50 and $2.70. Nonetheless, if buyers succeed in breaking the resistance at $2.70, it will propel price to rise and retest the next resistance and the $3.10 overhead resistance. Meanwhile, Tezos is trading at $2.67 at the time of writing.

Tezos indicator reading 

The crypto is above the 25% range of the daily stochastic. It implies that the market is in a bullish momentum. However, the price action is indicating that the market is consolidating above $2.50 support. The price bars are still below the EMAs which makes the coin vulnerable to fall. The upward move will resume if the bulls break above the EMAs.

Key Resistance Zones: $440, $480, $520

Key Support Zones: $200, $160, $120  

What is the next move for Tezos?

The coin is presently trapped between $2.50 and $2.70 for the past week. Tezos will be out of this confinement if the bulls break the recent resistance. Nevertheless, XTZ is presently consolidating below the EMAs. For the coin to rise, price must break above the EMAs; otherwise, the coin will face a bearish reaction.

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.