Tezos is in a bullish trend and it is increasingly finding it difficult to penetrate the overhead resistance at $3.10. The selling pressure at the overhead resistance has been severe.
The bulls have retested the overhead resistance with severe bearish consequences. On June 2, the bears pushed the price to $2.73 low. Immediately, price corrected upward to retest the overhead resistance. The selling pressure continued unabated.
The upward move will resume again after price finds support at $2.80. This has been the market situation in April when the crypto attained $3.10 price level. On the upside, a strong bounce above $3 will propel price to break the resistance and the momentum is sustained. This will accelerate the upward move.
The price bars are above the 12-day and 26-day EMAs indicating that Tezos will continue its upward move. However, if price breaks below the EMAs the reverse will be the case. The market will resume a downward move. Tezos is below 80% range of the daily stochastic. This is because of the earlier retracement from the overhead resistance.
Key Resistance Zones: $440, $480, $520
Key Support Zones: $200, $160, $120
The upward move has been restricted below the $3.10 overhead resistance. The bulls have failed to breach the resistance after several retests. What matters for Tezos is the occurrence of a breakout and a sustained momentum to push the coin out of the resistance zone.
Disclaimer. This analysis and forecast are the personal opinions of the author 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.