Tezos Price Analysis: Bulls eye $5 next

Tezos Price Analysis

TL;DR Breakdown

  • Tezos price analysis is bullish today.
  • XTZ/USD is currently trading at $4.29.
  • Resistance is present at $4.53.

The price analysis of Tezos is bullish today, as the currency has begun recovering from its bearish slump, which carried on for two days and was particularly harmful on the first day of the bearish strike when a large drop in value was recorded. The recovery isn’t large yet, but trends have been reversed today, giving the price action a constructive look. At the moment of writing, Tezos is valued at $4.41.

Technical indicators are mostly in favor of continuation, but there are no guarantees in the crypto market. Today, the coin’s price action focuses on $4.23, where the currency has found solid support. Any breach of this level will likely lead to a drop in value towards $3.75. The trend between $4.53 and $4.23 isn’t broken yet, so this might be possible – even though past performance shows that XTZ may hold its ground here when tested for the second time around, unlike other coins, which see significant losses immediately after their first successful break past resistance.

Tezos focuses its attention at $4.23 right now (where it found support), but if this level breaks, XTZ may drop to $3.75. The MACD of the daily charts is moving upward. This is a positive signal for Tezos since it can be an early warning that changes in price action may lead to a continuation of the current trend. Currently, XTZ appears to be headed toward $4.40 and beyond (according to Fibonacci levels).

The Relative Strength Index is also showing a promising trend, but that doesn’t mean anything since it’s not properly used in cryptocurrency yet. The Stochastic Oscillators seem more accurate, but they’re also red at the moment.

There is resistance near $4.53 and $5.02; these levels need to be broken before XTZ can go higher than $5 and potentially reach new all-time highs.

A neutral trend is only possible if XTZ manages to breach $4.31. If failed to do so, it might head down today’s low, forming another lower high in the price action at $4.30.

The XTZ price analysis is bullish today, as the currency has recovered from its bearish trend. Since there aren’t many developments behind Tezos at the moment, it’s possible that this rally won’t continue much further than $4.40 or so.

XTZ/USD 4-hour price analysis chart: Recent developments and further technical indications

The hour-by-hour Tezos price chart reveals that the coin’s value fell dramatically at the beginning of trading, but it gradually recovered for the next ten hours. However, as the price function appears to be under strain, it may drop again in the coming hours.

Tezos Price Analysis: Bulls eye $5 next 1
XTZ/USD 4-hours price chart. Source: TradingView

The price is trading in the range of the lower limit and average line of the indicator at present, with the mean average of $4.60 serving as resistance for XTZ. The RSI continues to trade in neutral territory, and it is currently sloping upwards at index 66, suggesting that there is buying interest.

Tezos Price Analysis: Conclusion

Tezos is experiencing bullish tendencies today as the downtrend has been reversed by support at $4.23 – but there are no guarantees as past performance shows resistance shortly before reaching $4.53, which XTZ could then encounter on its way up from here. The coin’s focus currently lies at $4.40. While this is a Fibonacci retracement level, we should bear in mind that XTZ tends to bounce off support and resistance levels more strongly than it continues similar trends (price action follows levels like these shortly before breaking them).

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.

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