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Tezos Price Analysis: XTZ/USD set to break above $5

Chainlink price analysis
  • Tezos price analysis is bullish today.
  • XTZ/USD is currently trading at $4.6.
  • The market currently moves back to the previous high.

Tezos price analysis is bullish today as a strong higher low was set at $4.5 overnight. Since then, XTZ/USD has started pushing higher again, indicating more upside should follow over the next 24 hours.

The push saw XTZ/USD take out the previous high at $4.95 to get back up towards the all-time high of around $5.55. At the time of writing, Tezos currently trades at a price of around $5.1, although this is very much a case of sitting and waiting to see what happens – some more upside could be seen over the next 24 hours, and after that, we’ll see what happens.

A push past $5.55 would be very healthy for XTZ/USD, but even without that Tezos market is in good standing at the moment. A move down below the all-time high would be bearish, indicating more downside to follow.

Tezos price movement in the last 24 hours: Tezos retests $4.5 as support, returns higher

XTZ/USD traded in a range of $4.53 – $4.77, indicating mild volatility over the last 24 hours. The selling point set at $4.77 was not enough to keep the market up, however – XTZ/USD traded down to around $4.5 before starting to push higher again.

Technical indicators for XTZ/USD are showing bullish conditions: The RSI is well within the bounds of a healthy market at the moment. The price is above the Ichimoku Cloud to confirm that we’re in an uptrend.

The RSI is currently above the 50 handles, indicating that buying pressure is strong at the moment. However, momentum has yet to become bullish; bearish conditions are still possible but it’s far more likely this market will go higher over the next 24 hours given its current momentum behind it.

As XTZ/USD trades back to $5 – $5.1, watch for resistance at these marks; if we see prices continue up, then expect Tezos price analysis to turn bullish in the near future. Otherwise, a break below $4.5 would end the run and suggest further downside might be seen before any rallies can come into play again. Support below here comes in around $3.88 – a previous low set on the market earlier on.

Tezos is having another bullish day today as XTZ/USD rallies back after its brief correction downwards. With momentum behind it, Tezos price analysis suggests that markets will continue to move higher over the next 24 hours – be sure to keep an eye on buy signals for entries.

XTZ/USD 4-hour chart: XTZ prepares to break above $4.8?

On the 4-hour chart, we can see another push higher beginning today, which is expected to propel the Tezos price even higher in the next 24 hours.

Tezos Price Analysis: XTZ/USD set to break above $5 1
XTZ/USD 4-hour chart. Source: TradingView

The price of Tezos rose sharply over the past several days, establishing a significant swing low last week. XTZ/USD tumbled from $5.2 to $4.20 in a retracement of almost 20% to the $4.20 support after previously rising to $5.2, where a major swing high was set.

During the first hours of the year, the market rose to $4.75 as a result of consolidation. Later, at $4.8 previous resistance, there was more upside.

Since then, the Tezos price has retreated to $4.50, the previous resistance level, with a reaction higher seen above it earlier today. XTZ/USD will most likely continue to rise even further and break the $4.8 current peak.

Tezos Price Analysis: Conclusion 

The price of Tezos is on the rise today, as the $4.5 previous resistance was revisited and a reaction higher was accomplished. As a result, we anticipate XTZ/USD to break further higher over the next 24 hours.

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.

Sergio Goschenko

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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