TL;DR Breakdown
- Tezos price analysis shows an uptrend
- XTZ prices have seen a major resistance at $3.3
- Support for Tezos prices is present at $3.0
Tezos price analysis reveals that XTZ prices opened the daily chart at $3.23 and have been in an uptrend throughout the day. Prices found support at $3.0 and resistance at $3.33, however, the bulls were not able to push prices past this level and as a result, prices have been consolidating near $3.2 for some time now.XTZ prices had surged to highs of $3.6 yesterday during the closure of the market before the bullish rally was stopped by the bears.
The overall market sentiment is bullish, and XTZ prices are expected to continue rising as buyers aim for the previous highs of $3.6.XTZ prices are currently trading at $3.20 after a slight surge of 1.36 percent. However, if the bulls fail to take out the resistance at $3.33, we may see a correction back to support at $3.0.The cryptocurrency has also seen a slight decrease in trading volume which is now sitting at $63,697,254.63 as the coin ranks position 45 overall.XTZ prices have been trading between a range of $3.13 to $3.26 in the last 24 hours while the market capitalization totals 2.8 billion.
Tezos price action on a 4-hour price chart: XTZ prices prepare for a breakout
On the 4-hour chart, we can see that XTZ prices have been consolidating between the support at $3.0 and resistance at $3.33 for some time now. The Relative Strength Index indicator is currently neutrality placed as it attempts to recover from oversold conditions. The Bollinger bands are starting to widen, which indicates that price action is about to see some volatility in the near future.
The MACD indicator shows a bearish crossover as the signal line crosses below the MACD line. However, the momentum is slowing down and a bullish crossover may occur soon which would signal a buy for XTZ prices. The Parabolic SAR indicator shows a bearish trend for XTZ as the dots are placed above the candlesticks.
Tezos price analysis on a 1-day price chart: Bulls take control as XTZ prices surge
On the 1-day chart, we can see that the bulls have taken control of the market as XTZ prices surged from lows of $2.6 to highs of $3.6 in the last few days. Prices are currently trading near the highs and a breakout above $3.33 could see prices rise to new highs. The RSI indicator is currently placed in the overbought region as it attempts to recover from recent sell-offs.
The MACD indicator shows a bullish crossover as the signal line crosses above the MACD line. The momentum is strong and a further increase is expected. The Parabolic SAR indicator shows a bullish trend for XTZ as the dots are placed below the candlesticks. The market volatility for XTZ is likely to increase as the Bollinger bands are starting to widen
Tezos price analysis conclusion
Tezos price analysis reveals that XTZ prices have been consolidating near $3.2 after a bearish correction from highs of $3.6. Prices are expected to continue rising as buyers aim for the previous highs. However, a breakout above $3.33 is needed for this to happen. The cryptocurrency market has seen a lot of volatility in the last 24 hours as prices have risen and fallen sharply. Tezos (XTZ) is one of the few coins that has been able to maintain its gains and is currently trading near its all-time high of $3.60.
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