On October 8, Tezos rebounded above the $2.0 support as the price rallied to a $2.40 high. The upward move faced rejection as the coin slumped down again.
Buyers are making a fresh uptrend on the upside. For the coin to be out of downward correction, the bulls must push the price above the $2.90 high. However, if the bulls break the $2.40 and $2.60 resistances, a rally to $2.90 is possible. Conversely, if buyers fail to push above these resistances, the coin will resume a sideways trend. Tezos may fluctuate between levels of $2.0 and $2.40. The downward movement will resume if the support at $2.0 cracks.
Tezos indicator reading
Tezos price is at level 46 of the Relative Strength Index period 14. It indicates that the coin is in the downtrend zone and below the centerline 50. The coin is capable of falling. The price bars are below the SMAs which suggest a further downward move.
Key Supply Zones: $4.50, $4, $3.50
Key Demand zones: $2.50, $2, $1.50
What is the next direction for Tezos?
The crypto is approaching bearish exhaustion as it consolidates above the $2.17 low. On October 17 downtrend, A retraced candle body tested the 88.6% Fibonacci extension level. This indicates that the coin will fall to level 1.129 Fibonacci extension. That is a low of $2.12.
Disclaimer. This analysis and forecast are the personal opinions of the author that are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Coin Idol. Readers should do their own research before investing funds.
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