Tezos is currently consolidating between $2.55 and $2.70 after a bearish impulse. The coin has been consolidating for the past ten days; neither bulls or bears have the upper hand.
Tezos rebounded on three occasions above $2.55 support to break the $2.70 resistance but was unsuccessful. As the coin consolidates, the price action is characterized by small body candlesticks.
The candlesticks are called Doji and Spinning tops which describe that buyers and sellers are undecided about the direction of the market. Meanwhile, if price breaks above the $2.70 resistance, the market will rally to $2.90 high. Tezos will further depreciate if the $2.55 support is breached. Nonetheless, the overall trend is still bullish as the coin continues its consolidation in choppy price action.
As the crypto continues its consolidation, XTZ is likely to encounter a breakdown or breakout. The bears have the advantage as the coin is in the bearish trend zone. Tezos 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 price is fluctuating.
Key Resistance Zones: $440, $480, $520
Key Support Zones: $200, $160, $120
The crypto trading in a sideways trend as neither bulls nor do the bears have control of the price. There is a tendency of the coin to further depreciate as it is below the EMAs. The EMAs are sloping horizontally indicating that the market is in a sideways trend.
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.