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.
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