Tezos Price Analysis: XTZ Shoots Up To $2.55, Testing Key Support

According to the latest Tezos price analysis, XTZ saw a small bounce after testing the key support area across the trading pairs and if the altcoin can manage to gain momentum above the immediate resistance, the short-term bullish move will kick in. The bearish pressure could resume if the support now doesn’t manage to hold.

As per the previous tezos price analysis, XTZ started another downtrend move going to the $2.55 level from the previous one at $2.9. Currently, Tezos managed to rebound and is trading at around $2.8 which means there is an increase of about 7 percent against the USD over the past 24 hours. If this bullish momentum continues, the price could see another increase soon. The bearish trend seems to be suspended for now but if the sellers get interested, the last defense line for the mid-term bulls will be $2 which is the next demand area.

Tezos is still seemingly bullish in the short term but considering the latest rebound from $2.55 support line, we could see another long move towards the $3.6 resistance area despite the fact that the previous one got rejected at $3. If Tezos pumps now and goes past the important red area on the charts, the next level to think about is the monthly high of $4 so a fresh new high could print about $4.2 of XTZ manages to go beyond that.

On the downside, the $2.55 support zone is strong for Tezos and if this support breaks further, the next major level to keep a close eye on will be the $2 support. The tezos price seems to have found another support at 28000 SAT after the long decline. The latest recovery caused it to trade at 32500 SAT. the market cap is now up by almost 10 percent over the past few hours of trading and if the tezos price can gain another momentum above the 35500 SAT, a new bullish rally could start.

If the selling pressure continues, the price could drop back into the green zone of 28000 SAT so it is important to watch these areas for the next major price movement. After bouncing away from the 28000 SAT support, Tezos’s price is now going into a consolidation phase and an increase from this level will sprout XTZ to a very close resistance of 35500 SAT.