Tezos Price Prediction: Bulls Target a Red Bull Return to $2.00

Key Insights:

• It’s a bullish start to the weekend for Tezos (XTZ), with a morning breakout supporting a run at $2.00.
• News of Formula 1 Oracle Red Bull Racing’s new NFT collection launch on the Tezos blockchain delivered morning support.
• Key technical indicators bearish. XTZ sits below the 50-day EMA.

On Friday, Tezos (XTZ) fell by 2.74%. Following a 12.58% tumble on Thursday, Tezos ended the day at $1.811. The reversal came ahead of the latest Oracle Red Bull Racing NFT drop.

Bearish sentiment from across the broader market sent Tezos back down to sub-$2.00 levels after a brief return to $2.25 levels on Thursday.

Fallout from the collapse of TerraUST (UST) and Terra LUNA continued to pressure the broader crypto market. Market angst over the threat of a regulatory overhaul pressured the appetite for cryptos this week.

This morning, it was a bullish session, however. While finding support from the broader market, news of a new Oracle Red Bull Racing NFT collection launch on the Tezos blockchain delivered strong support.

Oracle Red Bull Racing Launches NFT Collection on Tezos Blockchain

On Friday, Formula 1 racing team Oracle Red Racing announced the launch of an NFT collection at the Monaco Grand Prix.

Oracle Red Bull Racing will mint the NFTs on the Tezos blockchain and list the NFTs on Bybit.

The launch of the Team’s second NFT collection aims to bring the F1 world closer to fans. It is also the first collaboration between Oracle Red Bull Racing’s two key partners, Tezos and Bybit.

Tezos (XTZ) Price Action

At the time of writing, XTZ was up 5.47% to $1.9100.

A mixed start to the day saw XTZ fall to an early morning low of $1.8100 before striking a morning high of $1.9390.

XTZ broke through the First Major Resistance Level at $1.8877.

Technical Indicators

XTZ will need to avoid the First Major Resistance Level and the $1.8203 pivot to target the Second Major Resistance Level at $1.9643. XTZ would need broader crypto market support to break out from the morning high of $1.9390.

In the event of an extended rally, ADA should test resistance at $2.00. The Third Major Resistance Level sits at $2.1083.

A fall through the pivot at $1.8203 would bring the First Major Support Level at $1.7437 into play.

Barring another extended sell-off throughout the day, XTZ should avoid sub-$1.74. The Second Major Support Level sits at $1.6763.

The EMAs and the 4-hourly candlestick chart (below) send a bearish signal. At the time of writing, XTZ sits below the 50-day EMA, currently at $1.9184. This morning, the 50-day EMA flattened on the 100-day EMA. The 100-day EMA also flattened on the 200-day EMA, XTZ positive.

A move through the 50-day EMA would support a return to $2.00.