Technical Analysis for XTZUSD for 31st March 2023
Tezos Drops 12% from March Highs, XTZ Finds Support at $1.06
Past Performance of XTZ
Tezos Technical Analysis
Even though Tezos is edging lower at spot rates, the coin is bullish, considering that the better part of Q1 2023 was a net positive for holders. Specifically, XTZ has support at around the 61.8% Fibonacci retracement of the Q1 2023 trade range. The immediate reaction points stand at $1.06 and $0.95. Losses at $1.06 may force even more losses. However, recovery from spot rates, preferably above $1.20, could be the building blocks for the leg up toward March high at $1.26 and later $1.50 if buyers press on.
What to Expect from XTZ
Tezos is bullish from a top-down preview. However, the coin has been oscillating from a wide trade range since early February. The first resistance level lies at March 2023 highs. If buyers reject bears, any breakout above this lie may see XTZ add to their gains in a buy trend continuation formation.
Resistance level to watch: $1.20
Support level to watch: $1.06
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