- Tezos price triggered a double top pattern on April 18.
- Topside trendline factoring into the price action, similar to the February highs.
- Smartlink launches decentralized escrow and marketplace on Tezos.
Tezos price is temporarily supported by the confluence of key support levels on the daily chart. Still, the digital token has failed to inspire buying commitment after triggering the double top. If the support breaks, XTZ is staring at an additional decline of nearly 30%.
Tezos price rallied in March thanks to “hopium” in decentralized finance
On April 18 and with heavy volume, XTZ crashed 25% from high to low, activating a double top pattern at $6.09 and before discovering support at the intersection of the topside trendline and the 38.2% Fibonacci retracement of the rally beginning in late December 2020. The altcoin has since declined to the 50-day simple moving average (SMA) before rebounding in the support range.
Due to the sharpness of the decline, it is expected that XTZ will oscillate further in the range framed by the critical levels mentioned above, and it may even bounce to retest the double bottom level. Still, the combination of technical indicators points to lower prices.
Tezos price will be supported by the 50-day SMA for a short period of time before collapsing to the 50% retracement at $4.64, which frames another support range with the March 9, March 18, and March 20 highs.
Additional support will emerge at the 100-day SMA at $4.25 and then the eventual thesis forecast, the 61.8% retracement at $3.92, returning a loss of nearly 30% from the current price.
XTZ/USD daily chart
On the other side of the fence, a daily close above the double top trigger price of $6.09 would open the door for a test of the all-time high at $7.67 and potentially higher if there some buying emotion.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch
Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction
Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs
The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.