Tezos Retraces to $4 Support for More Upside MomentumAugust 16, 2020
Tezos is trading in a sideways trend. Since August 1, buyers have not been able to break the resistance at $4.40. Two attempts have been made to break the resistance.
Firstly, Tezos slumped to $3.70 low after buyers failed to break the resistance. Sellers were overwhelming as the coin was repelled again on August 12. Technically, if the price continues to retest a resistance level, that level will become weaker in the future. Today, the coin is trading above $4 for a possible retest at the resistance. Yesterday, XTZ rebounded but was resisted at a $4.30 price level. However, a strong bounce above $4.20 is likely to break the minor resistance and retest the overhead resistance.
Tezos indicator reading
The crypto is rising as it retests the resistance line of the ascending channel. Price was repelled at the resistance line as the market resumed consolidation before uptrend resumption. Tezos is trading in the overpriced region of the market as it is above 80% range of the daily stochastic.
Key Supply Zones: $4.50, $4, $3.50
Key Demand zones: $2.50, $2, $1.50
What is the next direction for Tezos?
Despite the present resistance at $4.40, XTZ is likely to rise. On August 10 uptrend; the coin was resisted at $4.40. The last retraced candle body tested the 0.50 or 50% Fibonacci retracement level. This explains that the market will rise and reach level 2.0 Fibonacci extension level. That is to say price is reaching the high of $5.50
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.
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