- XTZ sets a higher high.
- First support at $4.5
- Next resistance around $5.
Today’s Tezos price prediction is bearish as the market has set a new higher high and breached previous resistance around $4.5. Therefore, we expect XTZ/USD to retrace lower over the following 24 hours.
Cryptocurrency heat map. Source: Coin360
The overall crypto market continues trading in the green. Market leader – Bitcoin trades around $59,277 and has a market dominance of 60,84 percent while being up by 1.88 percent. The best performance from the major altcoins is seen for Binance coin, which is up by more than 8 percent as it approaches the previous resistance around the $300 mark.
Since most of the markets have extended to the upside over the last few days, we could see retracement lower over the next 24 hours.
Tezos price prediction: Tezos breaks previous highs, peaks at $4.8
XTZ/USD opened at $4,59 after a powerful rally yesterday took the price of Tezos back above the $4.5 mark. Previously this area provided a very strong resistance for the Tezos price action, meaning that the current breakout has established bullish momentum again. Right now, XTZ/USD has peaked at $4.8 and starts to move lower finally. Therefore, we should see further retracement over the next few days.
Tezos price movement in the last 24 hours
The XTZ/USD price moved in a range of $4.37 – $4.80, indicating a good amount of volatility. Trading volume has spiked by 42 percent and totals 500 million. The total market cap stands at 3.5 billion, ranking the cryptocurrency in 35th place overall.
XTZ/USD 4-hour chart – XTZ rejecting further upside after breaking above $4.5 resistance
On the 4-hour chart, we can see that Tezos has set a new higher high at $4.8 and currently prepares for a retracement.
XTZ/USD 4-hour chart. Source: TradingView
Overall, Tezos has spent the past two weeks trading sideways above support at $3.8 and below resistance around $4.5. After retesting the support again on the 25th of March, Tezos made another attempt to break above this trading range. After some initial resistance at the top of the range, XTZ/USD finally spiked higher and set a new several-week high at $4.8.
Currently, the Tezos price momentum has shifted as further upside was rejected earlier. This will likely lead the market towards a retest of previous resistance as support. Considering how fast the Tezos price action moved over the past days, resulting in a gain of over 25 percent, we should see the support at $4.5 broken.
Next support for XTZ/USD is seen around the middle of the previous consolidation range. Therefore, the area around $4.1-$4.3 is the one to watch. More concrete price targets for a potential support level are seen at the 50 percent Fibonacci retracement at $4.275, as well as the 61.8 percent retracement at $4.15.
Once XTZ/USD reaches this area and shows signs of rejection for further downside, a long position could be made with a great risk/reward ratio. If we consider that the next major resistance is located as far as the $5 mark, we could see a potential gain of around 20 percent from these support levels.
From there on, the medium-term Tezos price momentum would likely continue to increase as it attempts to set a new all-time high above $5.6.
Tezos Price Prediction: Conclusion
Tezos price prediction is bearish as a further upside is rejected right now, indicating that we will see previous resistance around the $4.5 mark retested soon. From there, XTZ could likely retrace even further as we saw a very rapid bullish momentum over the past days.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.