Tezos May Slump to $1.98 Low, Unable to Push on the Upside
Nov 16, 2020 at 11:56 //
NewsOn November 8, Tezos faced rejection at the $2.20 resistance as it continued its range-bound move between $1.80 and $2.40.
The coin has encountered previous rejections at the $2.40 resistance twice. This has impeded the upward move. Presently, Tezos has continued its range-bound movement as it fails to push the price to the previous highs.
The upside momentum is impossible as the coin resumes a downward move after the $2.20 rejection. The coin can fall to the lower price range and resume upward. This has been the price action in October and November. In the meantime, Tezos is falling and approaching the lower price range. Thereafter the range-bound move will resume if the key price levels remain unbroken.
Tezos indicator reading
Tezos is below the 80% range of the daily stochastic. This indicates that the coin has bearish momentum. The price has broken the 50-day SMA and approaching the 21-day SMA. A break below the SMAs indicates a further downward movement of the coin.
Key Supply Zones: $4.50, $4, $3.50
Key Demand zones: $2.50, $2, $1.50
What is the next direction for Tezos?
From the price action, the crypto is facing rejection at the $2.20 high. There is a possibility of a further downward move. On November 14 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. This retracement indicates that the coin will fall to level 1.618 Fibonacci extension. In other words, XTZ will fall to a low of $1.98.
Disclaimer. This analysis and forecast are the personal opinions of the author that are 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