On January 31, 2021, Tezos (XTZ) coin fell to $2.86 low after rejection from 3.0 high. The crypto has fallen to the support above the 21-day SMA.
The altcoin has a chance of further upward movement if the 21-day SMA holds. This signalizes that XTZ will rise and retest the $3.40 resistance. On the other hand, if price breaks below the 21-day SMA, the coin will fall to the low of $2.40.
Tezos has been making a series of higher highs and higher lows since January 6. The higher highs have been interrupted as the price reaches the high of $3.40. Since January 24, the uptrend has given way to a sideways move.
The crypto’s price has fallen above the 21-day SMA showing bullish signals. There is an indication of further upward movement of the coin. For the past two days, the price action is indicating small body indecisive candlesticks. This will possibly push the coin into consolidation.
According to the Fibonacci tool, Tezos is likely to rise. On January 28 uptrend; a retraced candle body tested the 78.6 % Fibonacci retracement level. This indicates that the market will rise to level 1.272 Fibonacci extension. That is, the crypto will rise to a high of $3.21 and reverse. The coin will reverse to the 78.6% Fibonacci retracement level.
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 research before investing funds.