Tezos price has been on a steady downtrend since October 4 and is currently retesting a vital demand zone. Investors can expect XTZ to restart its uptrend after a successful bounce off this barrier.
Tezos price prepares to pull a 180
Tezos price dropped 37% over the past 23 days and is currently bouncing off the $5.33 to $5.95 demand zone. Although this dip has rejuvenated the bullish momentum for XTZ, it needs to produce a decisive close above $6.75 to confirm the start of an uptrend.
Assuming Tezos price succeeds in flipping this hurdle into a support floor, it will result in a 25% ascent to $8.44. While this is a formidable barrier to overcome, clearing it will open the path to a retest of the October 4 swing high at $9.17.
The 100% trend-based Fibonacci extension level at $10.42 is the next level bulls will aim for. In a highly bullish case, Tezos price might even climb to 161.8% level at $14.1.
Regardless of the optimism around Tezos price, a breakdown of the $5.33 to $5.95 demand zone would be a warning sign. This move will drag XTZ down by 12% to the $4.68 support floor. A decisive daily close below this barrier will invalidate the bullish thesis for Tezos price, opening the possibility of revisiting $3.88.
Tezos price prepares to pull a 180
Tezos price dropped 37% over the past 23 days and is currently bouncing off the $5.33 to $5.95 demand zone. Although this dip has rejuvenated the bullish momentum for XTZ, it needs to produce a decisive close above $6.75 to confirm the start of an uptrend.
Assuming Tezos price succeeds in flipping this hurdle into a support floor, it will result in a 25% ascent to $8.44. While this is a formidable barrier to overcome, clearing it will open the path to a retest of the October 4 swing high at $9.17.
The 100% trend-based Fibonacci extension level at $10.42 is the next level bulls will aim for. In a highly bullish case, Tezos price might even climb to 161.8% level at $14.1.
Regardless of the optimism around Tezos price, a breakdown of the $5.33 to $5.95 demand zone would be a warning sign. This move will drag XTZ down by 12% to the $4.68 support floor. A decisive daily close below this barrier will invalidate the bullish thesis for Tezos price, opening the possibility of revisiting $3.88.
