- Tezos price analysis shows XTZ finds resistance at $6.07
- Some support seems to be present at $5.57.
- XTZ gained a great 39.60 percent value in the last week.
Tezos price analysis reveals XTZ is again on a march towards cloud nine. At the time of writing, the XTZ/USD price is at $5.60 after meeting resistance at $6.07. XTZ gained a fair amount of value in the last seven days by 39.60 percent, which is a giant leap after May 2021, when the crypto went to the highest peak during the current year.
Showing such remarkable performance, Tezos has caught the attention of traders. But a decline of $0.93 percent has been observed in the last 24-hours, which seems to be recovered soon.
XTZ/USD 1-day price chart: Bears trying to drag Tezos below $5.52
The 1-day candlestick Tezos price analysis chart shows that the last week’s massively increased volatility still prevails. During the entire last week, XTZ/USD price averaged near or above the upper limit of Bollinger bands as per Tezos price analysis.
XTZ/USD pair met resistance at the $6.07 level, whereas the upper Bollinger band value is present at $5.81, and the lower Bollinger band value is at $2.51, making an average of $4.16, which shows a bearish signal.
Today’s price of XTZ/USD is $5.60, again near the upper value of Bollinger bands. The moving average is found at $4.88. the relative strength index (RSI) score is 68.59 near the overbought numbers but towards a decline, which may allow buyers to push price further up.
Tezos price analysis: Support present at $5.57 seems sufficient
The 4-hour Tezos price analysis chart shows the price of XTZ/USD at the time of writing is at $5.60 between the moving average and Bollinger bands average values, which stand at $5.74 and $5.41, respectively. The current price situation seems to be a healthy correction, and hourly support of $5.57 seems sufficient.
The upper Bollinger band is present at the $6.16 mark, almost the same as the resistance level. Whereas the lower Bollinger band is present at the $4.65 mark, the Bollinger band’s average at the $5.41 mark is just below the support of $5.57.
Volatility seems to be decreasing in the current scenario, which might allow the bulls to push the bullish momentum in the coming hours. The relative strength index (RSI) score is hovering at 59.18, which is a neutral zone and opportunities for bulls exist.
The technical indicators for XTZ/USD indicate chances of a Bullish move over as 14 indicators are present on buying side and only four on the selling side, while eight stands neutral. Moving averages also indicate a strong bullish move as 13 signals are towards buying and only one towards selling spot, whereas only one is neutral.
On the other hand, oscillators are signaling towards a bearish tide as three signals are at the selling spot and only one at buying spot, and as many as seven stand neutral; this may be due to the current correction happening from the last hours.
Tezos price analysis conclusion
At present, the Tezos is in a correction phase, but chances are present for XTZ/USD to shoot past the resistance of $6.07. If the current support increases from buyers, XTZ/USD might see a new high during the month, As buyers have enough space to push through. Presently decreasing volatility and a neutral RSI score may both provide enough cushion to investors.
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