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The cryptocurrency market is still recovering from Tuesday’s ”flash crash”. Tezos (XTZ), a self-amending cryptographic LEDGER is posting a nice rebound, up almost 67% from crash lows of $3.90. At the time of writing, Tezos was exchanging hands at $6.00, up 37.90% in the last 24 hours and 15.23% weekly. Ranking 31st, Tezos has a present market cap of $5.26 billion, and $1.72 billion in trade volume over the past 24 hours. Multi-platinum recording artist, Doja Cat is bringing digital collectibles to her fans on the Tezos blockchain. OneOf, the music-focused non-fungible token (NFT) platform on the Tezos blockchain, released the initial drop of rapper/singer’s first NFT collection, “Planet Doja,” on Sept. 8. Tezos continues to grow, hitting over 400,000 daily transaction milestones, which is nearly 35% of ETH’s daily transactions on Sept 9.
Key Levels
Resistance Levels: $8.41, $7.67, $7.00
Support Levels: $5.44, $4.51, $3.89
XTZ/USD Daily Chart: Bullish
XTZ/USD Daily Chart
Tezos made a sharp recovery following Tuesday’s ”flash crash” with price action on Friday extending the strong rebound. The gains put the XTZ/USD back above late August’s highs of $6.13. Short-term oscillators attest to the current rebound, with the RSI climbing in the positive territory. A continuation to the upside could see today’s high of $6.53 coming in as immediate resistance.
Only a strong breakout above this level could rekindle the upside bias beyond the $7.33 to $7.61 range towards the $8.41 all-time highs. The narrowing distance between the MAs is a key item to watch in the coming sessions. The support levels near the moving averages 50 and 200 (at $3.98 and $4.16 respectively) remain in scope to the downside. A close below these levels could potentially see a bigger decline to as low as $2.10 taking place.
XTZ/USD 4-Hour Chart: Ranging
XTZ/USD 4-Hour Chart
After consolidating shortly within the $5.40 to $5.70 range, XTZ price saw a decline on Sept .7, falling below its 4-hour MA 50 and 200 at $5.17 and $4.36 to find support near the $3.90 low from where it subsequently rebounded. Tezos has since recovered to trades above the moving averages. An upside break above the $6.53 high could open the way for the round numbers $7 and $8, setting the stage for a test of the May all-time high of $8.41.
On the flip side, a fresh wave of losses could stall near the $5.77 barrier ahead of the MA 50 at $5.17. A bearish break may seek scope for a test of the MA 200 at $4.36 ahead of the recent low at $3.90. Overall, the price action near the $6.53 high will be critical. On the downside, a decline beneath today’s lows of $5.57 could see the $4.16 level coming into the picture.
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