XTZ Price Rises Above $2.00 – Can We Expect $2.50 Soon?

The XTZ price rises above the $2.00 price range after the massive rampage over the past few days. The price managed to increase by 23% and reached a high of around $2.20 after surging from the low at $1.65 to reach the current trading level of $2.07 as we are reading further in the Tezos price news.

The XTZ price rises again despite the bearish sentiment at .382 Fibonacci Retracement level and since then it has retracted slightly from the level. Once the resistance gets cleared, Tezos will most likely try and overcome the $2.50 level and beyond. Taking a look at the daily charts, we can see that Tezos is rebounding from the support at $1.56 as it started to rally and broke above the resistance where it was struggling with the $1.80 price level. From there, it started to increase higher and the cryptocurrency continued to increase until meeting the resistance at a bearish .382 Fibonacci Retracement level of $2.14.

The bearish Fibonacci Retracement level is measured from the February high to the March low and after breaking the resistance at $1.80, climbing to $2.00, Tezos could be considered as a bullish asset. It has to break the resistance at $2.14 to continue the bullish run and if it was to drop back below $1.80, we could consider this as a bearish sign again. The first level of resistance is located at $2.14 and above this level, the resistance lies at $2.31 and $2.50. To the downside, the support lies at $2.00 and $1.80.

In the recent Tezos news we also commented about the latest Emergens game which now it seems it won’t be launched on the Tezos blockchain. Tezos could use an alternative blockchain for the upcoming blockchain-based trading card game despite the whitepaper of the game citing the use of the tezos native cryptocurrency. Breitman hasn’t decided yet for the platform for the game which means Tezos could use another blockchain for the purpose. As we can see, the momentum seen by XTZ maybe just a hint of what is coming in the days and weeks ahead. Analysts are already noting that this coin broke above a key horizontal resistance which may give it room to rally even further.