Cryptoknowmics
2022-04-13 03:30:46

Tezos Defying Gravity, XTZ adds 4% from March 2022 Lows

Tezos is up four percent against the USDT and BTC, recovering from March 2022 lows. If buyers add to their longs, XTZ may expand to $4—or better. Past Performance The Tezos coin is pulling back from crucial reaction points after double-digit draw-downs on April 11. Currently, the XTZ price is up roughly five percent against the USDT and BTC. However, it is still down 18 percent in the past week of trading. Notably, Tezos is bouncing from the support (previous resistance) trend line at around March 2022 lows. Tezos Technical Analysis As per the XTZ candlestick arrangement in the daily chart, it appears that the sharp losses of April 11 were climatic, signaling the end of the bear push. The retracement of April 11 wiped out gains made in the last weeks of Q1 2022. At spot rates, there is a bullish engulfing pattern printing out from around March 2022 lows of around $3. Based on this, aggressive traders may load the dip with tight stops at April 12 lows. Any drop below $3 invalidates the bullish outlook. Conversely, if buyers add to their longs, XTZ may spring back to $4 in the medium term. What to Expect from Tezos? Tezos is in a precarious position, bouncing back after sharp losses. As per the XTZ candlestick arrangement in the daily chart, unexpected dumps below $3 cancels the bullish outlook. This move would possibly push the coin towards June 2021 lows of $2.1—or worse.The post Tezos Defying Gravity, XTZ adds 4% from March 2...

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