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Tezos price analysis: Bullish trend escalates XTZ/USD prices above the $2.01 level

Tezos price analysis
TL;DR Breakdown
  • Tezos price analysis is bullish
  • Support for XZT/USD is present at $1.93
  • Tezos price is facing resistance at $2.03

Tezos price analysis shows that the XTZ/USD pair is following a bullish trend as it escalates prices above the $2.01 level. The cryptocurrency has managed to remain above the $1.93 support, which is a good sign for bulls. However, they face resistance at $2.03, which could limit any further upside. The bulls are trying to push prices above this level, but they have so far been unsuccessful. If they can manage to do so, then the next target for the bulls would be the $2.07 resistance level.

image 428
Cryptocurrencies price heatmap, Source Coin360

TheXTZ/USD pair is currently trading at a critical junction and a breakout from either side of the range could set the tone for the next move. The trading volume has decreased over the last 24 hours to retrace to $75,470,784 Therefore, the bulls need to be careful as a bearish move could invalidate the bullish trend, the Tezos price is currently in a breakout zone and a move in either direction could set the tone for the next move. The market cap for the Tezos price is currently at $1,783,497,162

Tezos price analysis on a 1-day price chart: XTZ prices looks to break above $2.03 resistance

On the 1-day chart, we can see that the XTZ/USD  pair has been trapped in a sideways range over the past few days. The digital asset failed to break below the $1.93 level of support and bounced back up. The market price is now testing the $2.03 resistance level, which it has failed to break above for the past few days.

image 429
XTZ/USD on a 1-day price chart, Source: TradingView

The Relative Strength Index (RSI) for the pair is currently at 49.8 and is close to the 50 level, which indicates that the market is indecisive at the moment. The MACD indicator is currently in bearish territory as the signal line (red) is above the MACD line (blue). If the signal line crosses below the MACD line, it would be a bullish sign for the market while MA50 (yellow) and MA200 (purple) are both acting as support levels for the market.

Tezos price analysis on a 4-hour price chart: XTZ/USD may find support at $1.97

Tezos price analysis on the 4-hour chart, we can see that the market has been following a bullish trend as it has managed to remain above the moving averages. The digital asset is currently facing resistance at $2.03 and a breakout Range-bound trading continues. The digital asset is currently trading between the $1.97 and $2.03 levels

image 425
XTZ/USD on a 4-hour price chart, Source: TradingView

The RSI indicator is currently at 54.4 and is close to the overbought territory, which indicates that the market may be due for a correction. The MACD line (blue) is currently above the signal line (red), which is a bullish sign. The market is currently in a breakout zone and a move in either direction could set the tone for the next move. The bulls need to be careful as a bearish move could invalidate the bullish trend.

Tezos price analysis conclusion

In conclusion, Tezos price analysis shows a slightly bullish trend in the market. The digital asset is currently trading at a critical junction and a breakout from either side of the range could set the tone for the next move. The bulls need to be careful as a bearish move could invalidate the bullish trend. However, investors could look to buy on dips as the overall trend is bullish.

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.

joel

joel

Joel is a Blockchain enthusiast who has been active in the blockchain sector since 2016. He enjoys talking about blockchain and its implications for the future of humanity.He loves content and creating features on cryptocurrency.

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