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Tezos price analysis: XTZ rallies to $2.09 as bulls make a strong comeback

Tezos price analysis: XTZ rallies to $2.09 as bulls make a strong comeback
TL;DR Breakdown
  • Tezos price analysis shows a bullish trend.
  • Resistance for XTZ is present at $2.49.
  • Support for XTZ is present at $1.81.

Tezos price analysis reveals that the market has been following a bullish trend for the past week as the bulls have been securing wins consecutively. On the other hand, a correction was also observed yesterday, but the price underwent a significant increase in the last 24-hours as well because of the sudden rise in bullish momentum. The latest uptrend has increased the coin value to $2.09, which shows a promising situation for the buyers.

XTZ/USD 1-day price chart: Bulls mark 6.39 percent gains

The 1-day Tezos price analysis suggests a constant upward trend has been going on for the past week, as the buying activity almost reached its peak point. The bulls have been dominating the price chart for the past 24-hours as well, as the price went above the psychological mark of $2 at the moment. The situation is turning more favorable for the cryptocurrency buyers, as XTZ value is constantly increasing after gaining a 6.39 percent value during the last 24 hours. Moving on, the moving average indicator is showing its value at $1.84 at present.

XTZUSD 1 day price chart 2022 05 24
XTZ/USD 1-day price chart. Source: TradingView

Although the bulls are trying to find their way to recovery, the bears have also been in the lead yesterday. The volatility is changing, and the upper value for the Bollinger Bands Indicator is now at $2.5, representing the strongest resistance, and the lower value is at $1.4, representing the support. The Relative Strength Index (RSI) score has increased up to 47 near the centerline of the neutral range.

Tezos price analysis: Recent developments and further technical indications

The four hours Tezos price analysis predicts an uptrend as the price has undergone a sufficient improvement in the past few hours. The latest price movement is bullish, and the bulls have managed to maintain their intensifying uptrend. The price is now at a much more stable position, i.e., $2.09, and is expected to reach a further high point in the next few hours. The moving average value has moved up to $1.98, as the bulls are leading.

xtzusd 4 hour price chart 2022 05 24
XTZ/USD 4-hour price chart. Source: TradingView

The increase in volatility suggests that the uptrends might continue because of bullish return. Nonetheless, the upper Bollinger bands value has reached $2.09, and the lower Bollinger bands value has moved to $1.72; the price is trading near the upper limit and may cross above. The RSI curve confirms the uptrend, and the score has been enhanced up to index 67 near the overbought region.

As the bullish momentum is getting stronger, a prominent rise in buying activity has been going on for the past few days. The technical indicators are thus giving out neutral signals. We can see that eight indicators each are on the selling and buying side, while 10 technical indicators stand neutral at the moment.

Tezos price analysis conclusion

The daily and hourly Tezos price analysis gives a strong bullish hint as the price has undergone a massive improvement today. The cryptocurrency price is now settling at the $2.09 level and is expected to increase further in the next couple of days. The hourly price prediction also supports the buyers as the price covered bullish movement in the last four hours as well.

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.
Aamir Sheikh

Aamir Sheikh

Amir is a media, marketing and content professional working in the digital industry. A veteran in content production Amir is now an enthusiastic cryptocurrency proponent, analyst and writer.

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