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Tezos Price Analysis: XTZ/USD Bullish for the next 24 hours

Tezos price analysis

TL;DR Breakdown

  • Tezos price analysis is bullish today.
  • The strongest resistance is present at $5.08.
  • XTZ/USD is currently trading at $3.07.

The breakout happened right after a strong bullish momentum that drove XTZ from $3.87 up to $4.4, where it stopped and dropped back down to support at $3 and even lower towards the current price of $3.07.

The support level is stronger than the resistance one, which will eventually lead up to a breakout that will drive the price even higher. The possible breakout will be boosted by the upcoming events, adding more positive news to Tezos.

As you can see from the 4-hour chart here, XTZ/USD was stuck in a downward channel for over a week before it went straight up, creating another bullish sentiment that pushed the price to highs we hadn’t seen since when one XTZ was valued at $4. The current trend shows interest around Tezos again, and we can expect it to go up very soon, especially with all of the events scheduled for next week.

XTZ/USD price movement in the last 24 hours: Bullish signals

So far, XTZ/USD might stay below resistance around $4 for some time but don’t be surprised if you see a bounce attempt soon – we will probably break out very soon. Also, as you can see on the chart above, bullish divergence is forming and ascending triangles. So, even though we are clearly in a downwards trend, I think that the selling pressure will reduce significantly soon.

Tezos Price Analysis: XTZ/USD Bullish for the next 24 hours 1
XTZ/USD 1-day price chart source: Trading view

XTZ/USD Bullish Tezos’s price has been looking bullish throughout today’s trading session. However, at times it fell below $3.8, which is one of the strong support levels that XTZ/USD will look to break through before going higher towards $4.8 and even higher, according to what some traders think might happen in a few weeks from now when some very positive news hit the headlines. After yesterday’s drop from $4 down to $3.88, buyers saw an opportunity to take control of the market and start pushing XTZ upwards again.

Right after the price touched $3.88, it jumped to $4.3 and then even higher to $4.45, where sellers showed up slightly, pushing XTZ downwards again towards support at $3.0. Since then, the price has gained pace over buyers who are now pushing XTZ/USD upwards with an uptrend in both volume and demand for XTZ tokens.

XTZ/USD 4-hour price analysis: High volatility

The Bollinger Bands on the 4-hour chart are contracting as XTZ price is approaching resistance around $4.4 (the upper band on the image above). The RSI indicator is also creeping up over 40, which means bullish momentum might be restored soon.

Tezos Price Analysis: XTZ/USD Bullish for the next 24 hours 2
XTZ/USD 4-hour price chart source: Trading view

The MACD line and the signal line are below zero which indicates a sell signal. Yesterday’s close was at $3.48 and the current price is $3.04 as seen on the 4-hour Tezos price chart.

The descending channel resistance is at $4.8 while the support line is at $2.7. The RSI indicator is at 30 which shows that the market is in a bearish momentum and oversold according to the RSI.

Tezos Price Analysis: Conclusion

Given that the bulls remain in control, we may anticipate that the Tezos price will rise significantly in the following days as XTZ drops into a bearish pattern. Volatility appears to be relatively stable; no trend change is anticipated.

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.

William Suberg

William Suberg

William Suberg is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. William is a lover of sports.

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