Technical Analysis for XTZUSD for 10th January 2022
Tezos (XTZ) Bulls Contain Sellers above $3.75
Tezos continues to build valuable partners. By early January 2022, they had struck a deal with Team Vitality—a leading eSports organization.
Past Performance of XTZ
Tezos losses are contained, looking at development in the daily chart. Nonetheless, XTZUSDT prices are choppy, consolidating horizontally with defined support at around $3.75. On the flip side, the upside is capped at $5.75 and $6.10.
Tezos Technical Analysis
XTZUSDT prices are range-bound, but if Tezos bulls emerge on top, there will be a double-bottom. The resulting higher highs would also confirm the under-valuation of mid-December 2021 and could be the impetus for a close above $5.75 and later $6.10. Also, because the December 6 and 7 bull bars define the current price action, aggressive Tezos traders may load the dips at spot rates as long as prices are above $3.75. The immediate target would be $5.75. Losses below $3.75 invalidate the uptrend and may be a precursor for a dump towards $2.10.
What to Expect of XTZ
Since XTZ crypto prices are consolidating in a broader bearish trend, risk-averse traders can wait for a trend-defining breakout. A close below $3.75 would likely fast-track dumps towards H2 2021 lows of $2.10. Conversely, a break above $5.75 would relieve and reinvigorate Tezos buyers expecting trend resumption back to $8.5.
Resistance level to watch: $5.75
Support level to watch: $3.75
Disclaimer: Opinions expressed are not investment advice. Do your research.
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