XTZ - 6h. Ahead of $9 for Tezos?

14. Apr. 2021

In just 5 days after the publication of our previous idea, the XTZ price reached the target:

Buyers managed to cope with the range of $4.9-5. Although after the breakdown of this range, the buyers could not hold it, but the price found support a little lower. As a result, on April 4, the price of XTZUSDT increased by about 40% during the day.

It is worth paying attention to the trading volumes, thanks to which buyers were able to renew the high:

As you can see from the chart, the sellers' stop orders helped the Tezos price rise significantly. However, the sellers' attempt to return the price below the critical range of $5.4-5.65 failed. Although, despite the trading volumes, which sellers wanted to regain control of this range, they had serious intentions. The fact that buyers withstood such a blow at the highs indicates that they are serious about continuing the growth of the price of XTZUSD.

At the moment, the XTZ price is trying to break through the range of $6.65-6.95 . If buyers fail to take control of this range the first time, we will expect a local correction to the mark of $6.3 From this point, buyers will be able to continue the growth wave with an ultimate target of $9

An alternative scenario of the beginning of a global correction in the XTZ market will begin after breaking through the mark of $6.3. The likelihood of this scenario is increased by low trading volumes in the current wave of growth. Considering the situation on the BTC market, where the price moves in a global wedge, XTZ buyers may not have enough strength:

Nevertheless, this is an alternative scenario for now and we expect the growth trend to continue in the XTZ market.
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We create both short-term ideas (for a local understanding of the market situation) and medium-term forecasts of price movements.
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