According to reports, the Tezos protocol is set to launch its on-chain blockchain update. The name of the project is called Athens A. The price of Tezos may yet revisit any of the lows it initially attained a while back at $1.2000 or 1.4000. Could the new initiative that Tezos is trying to initiate impact the price of the cryptocurrency?
This is a critical analysis of the price of Tezos over the last week and 24 hours. From the content below we learn that for the Fib. tool, the price of Tezos is retracing to 38.2%. We will arrive at the conclusion that there should there be a breakout over the 38.2% Fibonnaci retracement position via the recent leg from the downside, the price of Tezos will enter a downtrend. The price of Tezos is bullish in the long term outlook.
Tezos Price Prediction: The Price of Tezos is Bullish in Long-term Pattern
The price of Tezos had resistances at $1.6000, $1.8000, and $2.0000 via the charts of the pair. There was support for Tezos at $1.4000, $1.2000 and $1.000.
The XTZ/USD pair was in the bullish trend zone. The price of Tezos had been on a downward correction after the bulls were resisted at the $1.80 resistance level. The price fell to the support of the 26-day EMA. However, if the bears break below the EMAs, the price will be in the bearish trend zone which indicates that price is likely to continue its fall.
Tezos Price Prediction: The Bears Could Break the 0.382% Fib Retracement Level
Meanwhile, from the Fibonnaci tool, the price of Tezos has been retracing to $0.382 (38.2%) Fibonnaci retracement position. Looking at the downside, if there’s a break by the bears over the 0.382 Fib retracement position, the coin will enter a downtrend. Hence, it’s safe to assume that the bullish pattern has reversed.
The price of Tezos is likely to revisit previous lows it attained at either $1.2000 or $1.4000. In addition to that, back in May 1, the digital asset began trading with an opening balance of about $1.2855 and had a closing balance of $1.4966 as of May 31. This change shows that the coin’s price has appreciated by no less than 16% of its market capitalization in May of this year. The stochastic remains in the oversold position but under the 40% range indicating that Tezos price is in a bearish zone hence there’s a sell signal.
Tezos Price Prediction: The Price of Tezos Was Trading at $1.5 a Press Time
According to data given by coin market cap, the price of Tezos was trading at $1.5 at press time having gained 3.45% in the last 24 hours of trade. The coin also had a total market capitalization of $981.83 Million. It’s 24-hour trade volume was reportedly $2.44 million as of the time this content was published. Tezos is set to go bullish if the market dynamics stay in its favor, then the news of the on-chain Blockchain launch will help push the price of Tezos.