The New Jersey Crypto News
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Dogecoin
    • All Alt Coin
  • Learn
    • Learn

      How to Trade Futures Contracts on Changelly PRO

      11/14/2021

      Learn

      EtherLite (ETL) Cryptocurrency Price Prediction

      11/12/2021

      Learn

      How to Trade Bitcoin Futures

      11/12/2021

      Learn

      How to Start Trading Cryptocurrency

      10/21/2021

      Learn

      How to Create Your Own Cryptocurrency

      10/13/2021

  • Analysis
    • Analysis

      Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

      12/29/2021

      Analysis

      Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

      12/29/2021

      Analysis

      Ethereum Recovery Could Soon Fade If ETH Fails To Surpass $4k

      12/28/2021

      Analysis

      Charles Hoskinson Shares Cardano Plans for 2022

      12/28/2021

      Analysis

      Bitcoin Prints Bullish Pattern, Why BTC Could Surge To $50K

      12/27/2021

  • Blockchain
    • Blockchain

      Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

      12/29/2021

      Blockchain

      Italian Sports Car Maker Ferrari Inks Multi-Year Deal With Blockchain Firm Velas Network AG…

      12/29/2021

      Blockchain

      ProShares Files for New Metaverse ETF With U.S. SEC

      12/28/2021

      Blockchain

      Ozzy Osbourne Reveals Cryptobatz NFT Project Paying Tribute to His Iconic Bat Bite –…

      12/28/2021

      Blockchain

      Binance Trading Platform Licenses in Bahrain, Canada

      12/28/2021

  • Market Cap
All Alt Coin

Tezos: A retracement would present long opportunities at this level

by Miki 08/07/2021
by Miki 08/07/2021 0 comment

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice

The second half of 2021 has been busy for cryptocurrencies so far. The commotion caused by Bitcoin dropping from its ATH sent the broader market into a state of panic as investors triggered massive capital outflows. The market, at press time, was in a period of rehabilitation on the back of BTC’s rebound from $30k and the outlook was bright.

The tumultuous period, however, did not hinder developments in altcoins’ ecosystems. The likes of Cardano and Ethereum, for example, underwent important upgrades to their system. Similarly, small-cap Tezos has also had a busy week. It successfully completed the Granada upgrade which is aimed at reducing block time and lowering gas consumption.

Subsequently, XTZ’s movement on the charts has also been positive. The crypto rose from $2.1 to its press time level of $3.5 in a little over two weeks – representing gains of 66%.

Tezos Daily Chart

Source: XTZ/USD, TradingView

XTZ broke north from its falling wedge on 23 July, a development that marked an end to the downtrend that emerged post 19 May. The highs and lows from this run were used to plot certain Fibonacci Levels on its daily chart. The 100% Fibonacci Extension of its 20 July low rested at $3.81 and the 127.2% Extension lay at $4.28, both of which are potential targets over the coming days.

Before realizing these targets, XTZ would first need to close above the 78.6% Fib level. The Visible Range’s POC lay slightly above this and at $3.51. What this meant was that sellers can take profits between the aforementioned regions. Pullbacks can be countered at $3.16 and $2.96, in case of a bearish outcome.

Reasoning 

The RSI moved into overbought territory, something that hinted at some stabilization before the next upswing. A higher support found above 62 would validate a further hike moving forward. Despite this anticipated correction, a bearish switch seemed unlikely as the Directional Movement Index’s +DI gained more distance on the -DI. The OBV also moved north due to constant upwards pressure in the market.

Conclusion 

Tezos presented its next targets at $3.81 and $4.28, but there are chances of a slight dip before the next upcycle. Buy volumes fell over the last few days and the RSI seemed in need of stabilization. Traders can go long if XTZ hits the support levels of $3.17 or $2.96.

Source link

Views: 2
LevellongOpportunitiesPresentretracementTezos
Share
0
FacebookTwitterPinterestEmail
previous post
Assessing why it may finally be game over for Axie Infinity [AXS]
next post
CFTC Commissioner Brian Quintenz Fires Back At SEC, Affirms It Has No Authority Over Crypto Assets ⋆ TCNW

Related Posts

Are Solana’s bulls really strong enough to halt...

12/29/2021

IXFI Announces Launch of New-Age Exchange Platform

12/29/2021

Litecoin repeating history will have this effect on...

12/28/2021

More than just a game – what GameFi...

12/28/2021

Even as network hits one million users, FTT...

12/28/2021

Fintech Expert Makes Six Bold Predictions for Crypto...

12/28/2021

A recovery rally in play for Sushiswap, as...

12/28/2021

SEC Accused of Deliberately Trying to ‘Kill’ XRP...

12/28/2021

Recent gains may finally boost Aave’s dominance in...

12/28/2021

Santa Floki Price Rallies 5,000% after Elon Musk’s...

12/28/2021

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

For security, use of Google's reCAPTCHA service is required which is subject to the Google Privacy Policy and Terms of Use.

I agree to these terms.

Recent Posts

  • Are Solana’s bulls really strong enough to halt further decline

    12/29/2021
  • Elon Musk thinks this individual could be the potential Bitcoin (BTC) creator Satoshi

    12/29/2021
  • Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

    12/29/2021
  • Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

    12/29/2021
  • Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

    12/29/2021

Categories

  • All Alt Coin (2,280)
  • Analysis (312)
  • Bitcoin (1,302)
  • Blockchain (1,068)
  • Dogecoin (700)
  • Ethereum (304)
  • Learn (139)
  • Ripple (149)

About Us

About Us

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, blockchain, Market, and more.

Featured Posts

  • XRP Poised to Rebound on Ripple Lawsuit Development

  • This historic trend could take XRP past $1.5, provided…

  • Colombian Bank Banco de Bogotá to Support Customers to Transfer funds to Crypto Exchange

Recent Posts

  • Are Solana’s bulls really strong enough to halt further decline

  • Elon Musk thinks this individual could be the potential Bitcoin (BTC) creator Satoshi

  • Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

Categories

  • All Alt Coin (2,280)
  • Analysis (312)
  • Bitcoin (1,302)
  • Blockchain (1,068)
  • Dogecoin (700)
  • Ethereum (304)
  • Learn (139)
  • Ripple (149)
  • Facebook
  • Instagram
  • Linkedin
  • Contact
  • Privacy Policy
  • Terms & Conditions

@2021 -thecryptonewsweb.com - All Right Reserved.

The New Jersey Crypto News
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Dogecoin
    • All Alt Coin
  • Learn
    • Learn

      How to Trade Futures Contracts on Changelly PRO

      11/14/2021

      Learn

      EtherLite (ETL) Cryptocurrency Price Prediction

      11/12/2021

      Learn

      How to Trade Bitcoin Futures

      11/12/2021

      Learn

      How to Start Trading Cryptocurrency

      10/21/2021

      Learn

      How to Create Your Own Cryptocurrency

      10/13/2021

  • Analysis
    • Analysis

      Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

      12/29/2021

      Analysis

      Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

      12/29/2021

      Analysis

      Ethereum Recovery Could Soon Fade If ETH Fails To Surpass $4k

      12/28/2021

      Analysis

      Charles Hoskinson Shares Cardano Plans for 2022

      12/28/2021

      Analysis

      Bitcoin Prints Bullish Pattern, Why BTC Could Surge To $50K

      12/27/2021

  • Blockchain
    • Blockchain

      Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

      12/29/2021

      Blockchain

      Italian Sports Car Maker Ferrari Inks Multi-Year Deal With Blockchain Firm Velas Network AG…

      12/29/2021

      Blockchain

      ProShares Files for New Metaverse ETF With U.S. SEC

      12/28/2021

      Blockchain

      Ozzy Osbourne Reveals Cryptobatz NFT Project Paying Tribute to His Iconic Bat Bite –…

      12/28/2021

      Blockchain

      Binance Trading Platform Licenses in Bahrain, Canada

      12/28/2021

  • Market Cap
  • RelevantRelevant(REL)$0.825.35%
  • Heart NumberHeart Number(HTN)$0.000553-30.47%
  • TadpoleTadpole(TAD)$7.32-1.76%
  • SEENSEEN(SEEN)$2.05-2.27%
  • EvedoEvedo(EVED)$0.082301-0.80%
  • MarginswapMarginswap(MFI)$0.184214-2.17%
  • SakeTokenSakeToken(SAKE)$0.0127234.37%
  • WTF TokenWTF Token(WTF)$0.0113500.16%
  • BNSD FinanceBNSD Finance(BNSD)$0.005460-5.83%
  • RobotinaRobotina(ROX)$0.00266138.50%
  • CageCage(C4G3)$0.005010-3.67%
  • YAM v2YAM v2(YAMV2)$4.70-1.41%
  • PolkaBridgePolkaBridge(PBR)$0.439876-7.02%
  • DSLA ProtocolDSLA Protocol(DSLA)$0.003681-6.85%
  • lympoLympo(LYM)$0.004392-4.43%
  • Falcon ProjectFalcon Project(FNT)$0.000366-2.23%
  • DYORDYOR(DYOR)$0.00002020.53%
  • TICOEX TokenTICOEX Token(TICO)$0.0013640.52%
  • MMS Cash TokenMMS Cash Token(MCASH)$1.000.00%
  • bitcoinBitcoin(BTC)$30,029.00-3.65%
  • ethereumEthereum(ETH)$2,038.54-4.32%
  • tetherTether(USDT)$1.00-0.02%
  • usd-coinUSD Coin(USDC)$1.00-0.36%
  • binancecoinBNB(BNB)$299.31-3.12%
  • rippleXRP(XRP)$0.429806-2.89%
  • cardanoCardano(ADA)$0.57-3.88%
  • SolanaSolana(SOL)$54.31-5.32%
  • Binance USDBinance USD(BUSD)$1.000.20%
  • polkadotPolkadot(DOT)$10.77-7.10%
  • dogecoinDogecoin(DOGE)$0.089108-2.91%
  • AvalancheAvalanche(AVAX)$32.99-6.96%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$30,044.00-3.51%
  • Lido Staked EtherLido Staked Ether(STETH)$2,001.88-4.57%
  • tronTRON(TRX)$0.069620-3.01%
  • Shiba InuShiba Inu(SHIB)$0.000012-4.29%
  • VectoriumVectorium(VECT)$425.81-3.49%
  • daiDai(DAI)$1.000.15%
  • Power CashPower Cash(PRCH)$0.017570881.24%
  • AlexAlex(ALEX)$0.068435-0.04%
  • CronosCronos(CRO)$0.195753-3.09%
  • litecoinLitecoin(LTC)$68.01-3.31%
  • matic-networkPolygon(MATIC)$0.69-5.87%
  • LADZLADZ(LADZ)$0.0686894.36%
  • leo-tokenLEO Token(LEO)$4.92-0.77%
  • NEAR ProtocolNEAR Protocol(NEAR)$6.65-7.88%
  • FTX TokenFTX Token(FTT)$31.99-1.33%
  • HederaHedera(HBAR)$0.389473-3.44%
  • bitcoin-cashBitcoin Cash(BCH)$198.75-6.10%
  • RareRare(RARE)$0.0461220.00%
  • chainlinkChainlink(LINK)$7.52-4.10%