TL;DR Breakdown
- Tezos price analysis is bullish today.
- XTZ/USD found support above $6.75.
- We anticipate XTZ/USD to rise further today.
The price of Tezos is rising today, as more upside was gradually earned overnight. As a result, we anticipate XTZ/USD to rise further and test the $7.50 mark soon.
The price of Tezos is still showing strong upward momentum, according to its price analysis. The 4-day and 1-month charts reveal that XTZ/USD rose above $7.00 and $8.00 yesterday, which is bullish momentum. We can also see that the price is now trading over the 20-day and 50-day Exponential Moving Averages (EMAs) at $6.74 and $7.49, respectively.
Tezos price movement in the last 24 hours: Tezos bounces from $6.75 support, heading to $7.50 next
As a result, we can see that XTZ/USD is more bullish today than yesterday as it managed to rise above key resistance levels at $7.00 and $8.00 (which are significant levels) yesterday. Furthermore, the price of Tezos rose above both EMAs to trade at $7.43 at its highest today before easing back to $6.74 currently (as of writing).
Tezos Price Analysis: XTZ/USD daily chart
XTZ/USD is currently trading at $6.74 after rising by 4.19% in the last 24 hours alone. On a larger scale of things, this is a completely opposite of yesterday’s trend as XTZ/USD fell from $6.94 to the low of $6.75 within completely24 hours, which was a 1.52% drop in price.
However, note that XTZ/USD has been gradually rising all week – only today did it manage to increase significantly.
The 4-hour chart of XTZ/USD tells a similar story, with the price trading at $6.69 after an increase of 9.26% in the last 24 hours (which means it rose from $6.47 to its current price). Furthermore, we can see that XTZ/USD traded above the 20-day EMA yesterday, which is a bullish sign for XTZ/USD.
XTZ/USD 4-hour chart: XTZ trades in a tight range
XTZ/USD 4-hour chart. Source: TradingView
The price of Tezos has been trading in a range for the past few days. The pair XTZ/USD has been stuck in a downward trend since April 14, when it fell over 60% from its all-time high at $9 to $5.50.
Looking at the daily chart, we can see that Tezos price found support above $6.75 yesterday; and as a result, XTZ/USD gained bullish momentum and approached resistance around $7.50. We note that the price found resistance around $7.60 today but managed to rise above it before easing again.
Over the last few days, Tezos’ price has proceeded into a gradual increase, as bulls eye a re-test of $7.50 as resistance. As a result, more upside is expected. However, later this week, we could see an additional push down from the resistance.
Tezos Price Analysis: ConclusionÂ
The daily outlook for Tezos is bullish. XTZ/USD has gained momentum overnight, as it will likely rise further to test the $7.50 mark soon. Keep an eye out – Dapp adoption and trading volume are key factors to drive price movement on crypto markets.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
