Tezos Faces Rejection at $3.20 Resistance, Buyers Fail to Step In
Aug 02, 2020 at 09:51 //
News
Today, Tezos is rising as it approaches the high of $3.20 resistance. The coin has been in a sideways move below the resistance since July 15.
On August 2, the coin is facing another rejection as buyers attempt to retest the resistance level. Interestingly, buyers have been able to sustain the uptrend above the EMAs.
However, after each resistance, the price will fall and recover above the $2.80 support. In its current push, Tezos has the chance of reaching the previous highs if the resistance is broken. Conversely, if the bears have the upper hand and break below $2.80 support, the market will reach a low of $2.20 support.
Tezos indicator reading
The crypto is in a bullish momentum as it is above the 40% range of the daily stochastic. The EMAs are sloping below the resistance as the price is temporarily stalled below it. There is the tendency of price breaking above the support line of the ascending channel if the $3.20 resistance is breached.
Key Supply Zones: $4.50, $4, $3.50
Key Demand zones: $2.50, $2, $1.50
What is the next direction for Tezos?
On the daily chart, there is a likelihood of further upward move as indicated by the retracement candlesticks. The price retraces each time the market retested the resistance zone. A red candle body tested the 0.50 retracement level. It indicates that the market will rise and reach the level 2.0 Fibonacci extension level. That is the coin will rise and reach a high of $4.0. Traders should place buy orders if the price breaks above $3.20 resistance.
Disclaimer. This analysis and forecast are the personal opinions of the author and 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.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow