- Tezos price analysis suggests upwards movement to $4.70
- The closest support level lies at $4.50
- XTZ faces resistance at the $4.616 mark
The Tezos price analysis shows that the bulls were able to find strong support at $4.50 that enabled the buyers to initiate a rally above the $4.600 mark. While the price action finds short-term resistance at $4.616, the market sentiment is bullish suggesting upwards movement.
The broader cryptocurrency market has observed a bearish market sentiment over the last 24-hours as most major cryptocurrencies observe negative price movements. Major players include CSC and KMD recording a 21.7 and an 11.11 percent decline, respectively.
Tezos price analysis: XTZ recovers $4.600 level
Across the technical indicators, the MACD is currently bearish as expressed by the red color of the histogram. The indicator shows low bearish momentum at press time which has been decreasing in recent hours as observed in the lighter shade of the histogram. The recent rection at $4.70 suggested further downwards movement but the rebound at $4.50 mark shows strong bullish activity in the market.
The EMAs are currently trading at a high position as Tezos price analysis observes a net bullish change across the last seven days. However, the recent price movements have caused the EMAs to move downwards as the bullish momentum decreased. Currently, the 26-EMA moves downwards with a gentle slope reflecting the downwards movement from $4.80. Meanwhile, the 12-EMA moves horizontally mirroring the short-term price movements.
The RSI is currently neutral and trades above the mean level showing slight bullish dominance over the price action. The indicator hovers at 54.56 index units moving upwards as XTZ crosses the $4.600 resistance level. Furthermore, the neutral position of the indicator shows that XTZ has room for significant bullish movement before the asset would need a trend correction.
The Bollinger Bands are currently narrow but show divergence as the price action shows steady bullish activity climbing above the indicator’s mean line. However, the price action has room for movement till the $4.800 mark before the bands would need to expand to accommodate the price movements. The bands mean line presents a resistance level at $4.616 while the lower limit provides support to the bulls at $4.436
Technical analysis for XTZ/USDT
Overall, the 4-hour Tezos price analysis issues a buy signal with 11 of the 26 major technical indicators showing support to the bulls. On the other hand, only five of the indicators support the bears suggesting that there is little selling activity occurring in the markets. Meanwhile, the remaining ten indicators sit on the fence and issue no signals at the time of writing.
The 24-hour Tezos price analysis does not share this sentiment and instead issues a sell signal with 11 indicators suggesting a downwards price movement against six indicating upwards movement. The analysis shows that while the short-term charts may be bullish, the bearish pressure still weighs on the price action. At the same time, nine indicators remain neutral at press time.
What to expect from the Tezos price analysis?
The Tezos price analysis shows that after finding strong support at the $4.500 level, the bulls were enabled to initiate a trend reversal and have recovered the $4.600 mark at press time. The price action finds short-term resistance at $6.650 which might cause the bulls to stumble. However, the market sentiment is highly bullish suggesting further upwards movements.
Currently, traders should expect the Tezos price analysis to move upwards towards the $4.70 mark as the bulls take over the market. The suggestion is reinforced by the short-term technicals and while the mid-term technical analyses are in disagreement they are yet to react to recent market movements. The bulish sentiment suggests an upwards breakout from the level to the $4.800 mark however, the buyers will need to weather the strong bearish pressure below $5.00.