Technical Analysis for XTZUSD for 13th April 2022
Tezos Firm, XTZ Finds Support at $3 but will Bulls Hold?
Past Performance of XTZ
Tezos is impressively steady from around March 2022 lows, printing a bullish engulfing bar and comprehensively reversing the losses of April 11. Although there are hints of weakness, XTZ bulls could take charge in the immediate term in a buy trend continuation pattern after April 11 scares prove to be a climactic sell-off, possibly marking the end of the April 4 to April 11 correction.
Tezos Technical Analysis
XTZ remains under pressure at spot rates. Despite welcomed gains, the coin is pinned to Q1 2022 lows, with sellers in the driving seat. There could be headroom for XTZ in the immediate to medium term only, provided prices are held above $3—a crucial support line that may likely be the base of a triple-bottom. Confirmation of April 12 gains offer entries for buyers to double down, targeting $3.5 and $4 in the medium term. Conversely, a dump below $3 may cause panic, triggering a sell-off towards $2—the June 2021 lows.
What to Expect from XTZ
Tezos is a mature self-amending smart contracting platform with vibrant DeFi and NFT communities. Recovery is highly likely, but $3 is a critical support level in the immediate term.
Resistance level to watch: $3.5
Support level to watch: $3
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