- Tezos price analysis is bullish today.
- XTZ/USD looks to retest $7.50 support again.
- Buying pressure is increasing this morning.
The price of Tezos is up today, following a solid rejection of a further decline, and buying pressure was observed this morning in response to another test of the downside. As a result, we anticipate that XTZ/USD will rise further over the next 24 hours.
Tezos price movement in the last 24 hours: Tezos reverses before reaching $7
XTZ/USD traded in a range of $7.21 – $8.55, indicating strong volatility over the last 24 hours. As a result of this volatility, we observed significant buying pressure in the early hours of June 13, which resulted in XTZ/USD rising by almost 10%.
So far today, we have seen XTZ/USD retest $7.50 and reverse before reaching it to begin its rally toward $8 and above.
Tezos Price Analysis: Buying pressure detected after making another test of the downside
At the time of writing, XTZ/USD is trading at $8.28. This indicates that it is up by 4% against the USD and 1% against Bitcoin over the past 24 hours.
The 20-day SMA and 50-day SMA continue to trend North, indicating that XTZ/USD is in a bullish trend. The RSI is currently at 57suggesting buying pressure. This follows yesterday’s breakthrough of $8 and above and strong gains today, strengthening our bias for price appreciation overall.
XTZ/USD 4-hour chart: Long positions outperform as buying pressure increases
On the 4-hour chart, we see that the Tezos price cannot establish a high of $7 after the sharp reaction higher last night.
XTZ/USD 4-hour chart. Source: TradingView
Key resistance levels are seen at $7.50, $8.00, and $8.78 on the 4-hour chart. The first of these was tested just today, while the other two were seen in previous days of this week.
We expect XTZ/USD to rise further overall toward these resistances before any reversal is observed by traders. Therefore, we maintain our bullish outlook for Tezos, as buying pressure has been spiking since earlier today, even if down, side attempts have been seen twice so far. These attempts have only resulted in selling exhaustion before a new rally can be initiated, pointing to further appreciation overall for XTZ/USD during this period.
As mentioned earlier, the price of Tezos is up today as a result of a sharp reversal from yesterday. XTZ/USD is currently trading at $8.28 and has seen 3% appreciation over the past 24 hours.
In our previous Tezos analysis, we had anticipated that the downside would attract buyers around current levels, which seems to have been confirmed by recent price action. We now expect this buying pressure to continue increasing as we head into Friday’s close, especially if XTZ/USD manages to sustain prices above $7.50 for more than two days consecutively. This increase in buying pressure will indicate a bullish continuation and help XTZ/USD further appreciate the above resistance levels.
Tezos Price Analysis: Conclusion
Tezos price analysis is bullish today. XTZ/USD looks to retest $7.50 support again. Buying pressure is increasing this morning. The price of Tezos is up today, following a solid rejection of a further decline, and buying pressure was observed this morning in response to another test of the downside. As a result, we anticipate that XTZ/USD will rise further over the next 24 hours.
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