The beginning of the week on the cryptocurrency market turned out to be not entirely pleasant. Tezos is no exception. During Monday, the price of XTZ fell 16%. For comparison, the price of BTC fell by almost 10%, the price of ETH - by almost 12%. If we compare XTZUSDT to the most powerful coins in the crypto market in terms of dominance, buyers kept the price quite powerfully. Our previous idea worked halfway through. Buyers failed to hit the mark of $10 without a deep correction:
Looking at the nature of the fall in the price of XTZ and its stop, we slightly adjusted the liquid price zones. Thus, the chart shows that: - major buyer support is in the range of $5.5-5.85. - Problems with the continued growth of the XTZ price begin to arise in the range of $7.25-7.7.
If you look at the 6 hour timeframe, you will notice that buyers failed to take control of this range for the fourth time: By the way, the fall on May 10 was quite natural. Please note that the correction in the XTZ market started earlier - on May 7. It was after the sellers dropped the price below $7.25-7.7 that we saw a new impulse for the fall.
However, the price of XTZUSD continues to move in the local black growth channel. In addition, yesterday's close of the daily candle is encouraging to think that the fight for the range of $7.25-7.7 is not over. The main signal for the continued growth of the Tezos price to $10 will be the retention of the local level of $6.66. In our opinion, from this mark, buyers will begin an assault on the critical range. ________________________________ We create both short-term ideas (for a local understanding of the market situation) and medium-term forecasts of price movements. Subscribe to us and get daily concise analytics!
We do not consider the alternative scenario until the price of XTZ is above the range of $ 5.5-5.85.