Analytics

Tezos Price Analysis — XTZ Continues Higher Inside Ascending Price Channel and Exits Consolidation Vs BTC

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Key highlights:

  • Tezos us up by a strong 24% over the past week after reaching as high as $4.36 (bearish .382 Fib) yesterday
  • The cryptocurrency has been trading inside an ascending price channel since the end of July
  • Against Bitcoin, Tezos surged above a descending triangle pattern as it broke 8,000 SAT to reach as high as 8,800 SAT
Tezos price $4.49
Key XTZ resistance levels $4.36, $4.60, $5, $5.44, $5.76
Key XTZ support levels $4.00, $3.80, $3.50, $3.25, $3.00

*Price at the time of publication

Tezos is now up by a total of around 53.50% over the past month of trading as it trades at $4.12. The cryptocurrency rebounded from $2.10 at the end of July and started to surge higher inside an ascending price channel. On Monday, it climbed above $4.00 to meet resistance at $4.36, provided by a bearish .382 Fib Retracement level and the upper angle of the ascending price channel. 

It has since dropped lower but is battling to hold the support at $4.00.

The blockchain conducted its Granada upgrade earlier this month, the seventh major update for the network. The upgrade cuts block times in half to hit 30 seconds per block and helps to make smart contracts deployed on the network more efficient as it reduces gas fees.

Tezos 7th Upgrade ‘Granada’ Is Now Live!

??Emmy* consensus, cutting block times by 50%

?Gas improvements, massively reducing gas consumption in smart contracts

✅Liquidity baking, leveraging governance mechanism and incentives to provide for public goods#Tezos #Granada pic.twitter.com/IL4zJBe9oU

— Tezos (@tezos) August 6, 2021

Additionally, Tezos is starting to tap into the NFT market as Golden Goals, a football NFT platform, launches on the network. Golden Goals has already signed League 1 side FC Nantes, and the partnership allows users to match official NFTs with physical merchandise.

Finally, Tezos is also to be used for on-chain financial products, with 3 Swiss companies adopting the new tokenization standard. Inacta, Crypto Finance Group, and InCore Bank are launching a new token standard for the Tezos blockchain, known as DAR-1. To find out more about this story, take a look at this article.

Tezos is now ranked in the 42nd position as it currently holds a $3.57 billion market cap valuation.

Tezos price analysis

What has been going on?

Taking a look at the daily chart above, we can see that Tezos dropped as low as $2.10 during July. It rebounded from there in the second half of the month and started to surge higher inside an ascending price channel. 

By the first week of August, Tezos had reached the 200-day MA level at around $3.50. It would not break this resistance until August 15th, when it reached as high as $3.80. From there, after a brief retracement into the lower angle of the price channel, Tezos started to surge over the course of the past 7-days.

It managed to break the $3.80 resistance on Monday as it surged higher into the upper angle of the price channel. There, the resistance was further bolstered by a bearish .382 Fib Retracement, and XTZ rolled over from there yesterday but is battling to hold the $4.00 support.

So long as Tezos can remain inside this price channel, we should expect that the market will slowly continue to rise. To turn parabolic, Tezos would have to surge above the price channel.

Tezos price short-term prediction: Bullish

The break above $4.00 turned Tezos bullish in the short term. The cryptocurrency would have to drop beneath the lower angle of the price channel to turn neutral in the short term and continue further beneath $3.00 to be in danger of turning bearish.

Looking ahead, the first support lies at $4.00. This is followed by $3.80, which is the lower angle of the price channel. Beneath the price channel, support lies at $3.50 (200-day MA), $3.25, $3.00, $2.50, and $2.10.

Where is the resistance toward the upside?

On the other side, the first resistance lies at $4.36 (bearish .382 Fib Retracement. This is followed by $4.60 (1.414 Fib Extension), $5.06 (bearish .5 Fib Retracement), $5.44 (1.414 Fib Extension), and $5.76 (bearish .618 Fib Retracement).

XTZ/BTC price analysis

What has been going on?

Tezos is also performing well against Bitcoin. The cryptocurrency started to form a descending price channel at the end of July as it found support around 7,000 SAT. The upper angle of this descending price channel was finally penetrated at the start of this week as XTZ surged higher beyond 8,000 SAT and climbed above the 200-day MA to reach resistance at 8,800 SAT, provided by a bearish .236 Fib Retracement level.

It dropped from this resistance yesterday but is holding the support at the 200-day MA level.

The breakout of the triangle is quite significant as it signals the shift in sentiment from consolidation to a bull trend against BTC. if the July highs at 8,800 SAT can be breached, XTZ would turn bullish.

XTZ/BTC price short term prediction: Neutral

Tezos still needs to break the July highs at 8,800 SAT to turn bullish. On the other side, a drop beneath 8,000 SAT (50-day MA) would turn the market bearish in the short term.

Looking ahead, the first support lies at 8,500 SAT. This is followed by 8,300 SAT (200-day MA), 8,000 SAT (50-day MA), 7,500 SAT, and 7,000 SAT.

Where is the resistance toward the upside?

On the other side, the first resistance lies at 8,800 SAT (bearish .236 Fib Retracement). This is followed by 9,000 SAT, 9,500 SAT (200-day MA), 9,960 SAT (bearish .382 Fib Retracement), and 10,500 SAT.

To learn more about where XTZ could head next, check out our Tezos price prediction site.

   
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