Tezos News Today – Headlines for May 3

  • Tezos price is below a crucial resistance
  • The coin posted a false breakout at $3
  • XTZ price dropped to $2.73 after Bitcoin’s ruse yesterday

Tezos News Today – Tezos price posted a quick 6% rise to reach its three-month point of $3.15 on Tuesday. But this move was quickly turned to a 1.5% loss in only 15-minutes after the latest dump in BTC’s price in the past 24-hours. Due to this move, the price of Tezos is now roaming at $2.87 after losing the $3 position.

The price of Tezos could bounce back if the value of Bitcoin can still retain the $9500 level as a support area. However, it will be difficult for XTZ to get back its momentum if buyers fail to regroup above $3. Meanwhile, Tezos’ bullish trajectory is valid as long as its yellow pattern continues to hold.

If Tezos’ Price Drops Below $2.73, $2.35 Will be the Next Key Support

It is still too early to start considering a drop, although the coin’s price recovery in recent months is noticeable via the daily chart. A possible double top pattern could reverse such a trend. If the coins’ price drops below its weekly low of $2.73, the next potential support will be $2.35, followed by the key $2.06 level. $1.8 might come into play if the pressure extends. Reclaiming $3 would be a good start for a fresh price increase for the coin. It would need to clear the high of $3.15 from yesterday before rising further into $3.3 and $3.94. Such price action can be expected after trading volume evaporates in the market. Despite this, XTZ’s price remains bullish in the short-term outlook.

Tezos is Consolidating Against Bitcoin

Against Bitcoin, the price of Tezos is consolidating after rebounding from a key position of 25000 SAT last month. The price of Tezos has been facing significant resistance at the 30000 SAT area for a few days now. Tezos’ long-term bullish pattern is still valid via the daily chart. However, it might remain indecisive if buyers don’t reiterate short-term actions.

Meanwhile, the bears are showing commitment to trade after previous lower highs (which is marked as resistance points) at 40000 SAT and 38000 SAT. A new low might come at 35000 SAT if the Tezos price fails to push further upwards.

The daily chart shows that Tezos is currently in a bullish triangle trend. While consolidating at 30000 SAT, the potential resistance to keep watch is at 35000 SAT, at the triangle’s resistance. If Tezos breaks above this resistance, it should send the coins’ price to 38000 SAT and 40000 SAT, which is holding currently as a yearly high for the coin.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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