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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.
  • XTZ/USD retested $4 support yesterday.
  • The sideways movement was seen overnight.

Price broke above the double top neckline resistance of $5.60 today morning, which indicates that the price is bullish. Price pulled back to fulfill minor support of $4.92, which held while the price rose to lead to a short retrace in price. XTZ/USD looks set for another upward push towards the major resistance at $7.

Looking at the chart below, you will see that XTZ/USD has already moved past a critical inflection point, which is a good signal for a bullish move.

Tezos price movement in the last 24 hours: XTZ/USD is bullish today?

Ichimoku cloud top is now at $5.62; although it has been able to rise above the horizontal resistance of $5, the cloud is still getting in its way, as seen from the chart below. This cloud provides strong support but can easily be broken.

The price is above the 7 day EMA, which is a good signal for XTZ/USD. However, it might still take some time to break past the cloud. Tezos has moved past a critical inflection point on the daily chart, suggesting bullish price movement. It would be interesting to see if Tezos can rise above $6 and test the next resistance at $7.

The next technical level to watch in the near term is a resistance zone near $5.29-5.40. A break above this zone will indicate further price appreciation in the following days. Market capitalization has been moving higher during the past few days, which means that trading volumes have also increased during the same period.

The next technical level to watch in the near term is a resistance zone near $5.29-5.40. A break above this zone will indicate further price appreciation in the following days. Market capitalization has been moving higher during the past few days, which means that trading volumes have also increased during the same period.

The next significant resistance is at $4.88, which was a support in the previous leg of the bull run. A break above this level will lead to more gains, and XTZ/USD will be on its way towards $7.

XTZ/USD 4-hour chart: XTZ looks to continue higher?

On the 4-hour chart, we see that the Tezos price is retesting the $4 support once again, possibly implying a reversal.

Tezos price analysis: XTZ/USD bullish for the next 24 hours 1
XTZ/USD 4-hour chart. Source: TradingView

The price of Tezos has been trending upwards for weeks now. The previous consolidation resistance at $3.1 was broken on January 30, after a new major swing low was established at $2.55 at the end of January.

On January 20, after the resistance was retested as support, XTZ/USD started a strong surge upward, culminating in an almost 50% rally to $4.6 on February 9. Since then, another retracement to $4 has formed a solid consolidation area, suggesting that the market will move higher soon.

Price has continued its steady climb, and we now anticipate a continuation of the same pattern on June 22. In other words, unless the Tezos price breaches the $4 support level again, we believe additional gains will be tested over the next few days.

Tezos price analysis: Conclusion 

Tezos price analysis is bullish today. XTZ/USD retested $4 support yesterday but consolidated above it and looks set for another upward move towards the major resistance at $7. Suppose XTZ/USD breaks above this resistance. In that case, we can expect further price appreciation in the following days and a continued increase in trading volumes during the same period, which is important.

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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