Tezos Rally Fizzles After 100% Gain — Likely Top for XTZ/BTC Appears
By Michaël van de Poppe's original article for cointelegraph.com reduced by 71%
One of the most active coins lately is Tezos, and its recent 100% rally validates the need for a deeper analysis of the asset's price action. Tezos rallies 100% over the past six weeksTezos was one of the most energetic performers throughout November and the price rallied from $0.735 to a high of $1.64 a few days ago. The price immediately flipped the $0.85 level as support, which created space for continued upwards movements towards $1.65.
The current level is the resistance level where the price was rejected. Tezos price needs to stabilize through finding support. If the price makes another support/resistance flip here, then Tezos is likely to see another test of the upper resistance zones around $1.65 and $1.80.The $1.20-$1.30 would be a beneficial level for traders to look for potential long entries, similar to a possible flip of the $1.65-$1.80 level as that would lead to price discovery and continuous movement on the upside.
If this area fails to provide support, it's likely that Tezos will retest the 0.0016500 area before the price is ready to make any short term reversal.
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CN [too long; didn’t read]
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