Tezos (XTZ) to Retest the Resistance Again; Support Level Lies Below $2.4
- Tezos price continues to consolidate today after carrying out a partial recovery
- The XTZ coin may resume the rally if the consolidation remains immune to bearish pulls
Tezos Price Analysis
Tezos, the altcoin which had rallied above $2.9, is now trading within the price range of $2.3 to $ 2.7 mixed bias. At present, the currency holds a bullish outlook. The XTZ coin has just formed two minor dips near $2.5.
Yesterday’s bullish approach has now taken a stable turnaround. It seems to be trading between a narrow range of $2.50 to $2.55. Above $2.56, the coin may face a resistance level at the 50% fib level.
In the last five days, Tezos coin has faced major downside volatility; the risk of volatility is still out there, but at least for the short-term, the coin may pursue the upside.
The mayhem occurred in mid of March, in the market, had pulled the XTZ price even below $1.5. The gradual recovery has stabilized the coin above $2 mark. Tezos had a few upside spikes above $3 lately, and now, it may target the same again.
Moving averages are still hesitant to enter the bullish zone while the MACD indicator is exploring the positive zone.