XTZUSDT → Breaking resistance, entering a new range

10 Okt 2023

XTZUSDT tried to break the support at 0.708 and let the price go lower, but at some point the market held the area, forming a local bottom. After a false break of support, the price breaks consolidation resistance

At the moment the market is testing the possibility of transition from the consolidation phase to the phase of realization of the accumulated potential, which can be accompanied by distributive growth. The price fixing above 0.708 level will confirm the entry into the range (new corridor) and in this case Tezos/TetherUS will open for itself the way to the setup resistance. The 3-4 month accumulation in the coin can give us a pretty good medium-term potential, within which the market can hit targets such as: 0.921 and 1.259.
The price is breaking MA-50 and aims to test MA-200.

Support levels: 0.708, 0.633
Resistance levels: 0.742, 0.921

In the long term, I expect the bulls to consolidate the market above 0.708 and form a distribution towards 0.921

Regards R. Linda!