Tezos Drops By A Steep 8% Over 24 Hours – Will The Bulls Push Back Above $3.00?

• Tezos dropped by a total of 8.55% over the past 24 hours of trading as the cryptocurrency drops beneath the $3.00 level.
• It has managed to find support at a .382 Fibonacci Retracement level, however, the momentum has shifted in favor of the bears.

Tezos dropped today by a steep 8.55% bringing the price for the coin beneath $3.00 to reach $2.92. The cryptocurrency found support at an expected .382 Fibonacci Retracement level as it battles to get above $3.00 again.

This retracement should have been anticipated considering the fact that Tezos has managed to increase by a total of over 210% from low to high in 2020. Despite the recent price fall, it is still up by a total of 101% over the past 30-days of trading.

Tezos remains ranked in the 10th position as it holds a market cap value of $2.10 billion.

Tezos Price Analysis

XTZ/USD – Daily CHART – SHORT TERM

Market Overview

Since our last analysis, we can see that Tezos was never able to really break the resistance at $3.60. It did spike higher to reach the resistance at $3.94, provided by a 1.272 Fibonacci Extension level, however, it quickly rolled over to close beneath $3.60.

After reversing from the aforementioned resistance, we can see Tezos falling as it broke beneath $3.30 to reach lower resistance at the .382 Fibonacci Retracement level priced at $2.91.

Short term prediction: BULLISH

Tezos remains bullish but a break beneath $2.92 would probably turn it neutral.

If the market drops beneath $2.92, support is located at $2.80, $2.68 (downside 1.272 Fib Extension), $2.60 (.5 Fib Retracement), and $2.38 (downside 1.618 Fib Extension).

On the other hand, if the buyers rebound from $2.92 and push above $3.00, resistance lies at $3.20, $3.31, $3.55, and $3.60.

The RSI is beneath the 50 level to show momentum is in the seller’s favor.

Key Levels:

Support: $2.92, $2.80, $2.68, $2.60, $2.55, $2.38, $2.28, $2.20 .

Resistance: $3.20, $3.31, $3.55, $3.60, $3.80, $3.94, $4.00, $4.16, $4.25, $4.47, $4.66.

Image from TradingView

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