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Tezos price analysis: Bullish sentiment mounts as XTZ/USD prices near $2.0

Tezos price analysis
TL;DR Breakdown
  • Tezos price analysis shows an uptrend
  • XTZ prices are facing resistance at $2.1
  • Support for XTZ prices is seen at $1.7

Tezos price analysis reveals XTZ prices are up by 3.14 percent in the last 24 hours. The digital asset is currently trading at $1.95 after opening the day at $1.87.The digital asset is currently dominating 0.15 percent of the entire cryptocurrency market while it ranks at position 35.XTZ prices have been trading in a range of $1.87 to $2.02 in the last 24 hours. The overall market capitalization for Tezos is currently at $1.7 billion while the total supply for $1.79 billion.

Tezos price action on a daily price chart: Bulls push XTZ prices higher after a period of consolidation

Tezos price analysis on the daily chart shows that the digital asset has been in a consolidation phase over the last few days. The XTZ/USD pair had been trading between $1.87 and $1.95 since June 27th before breaking out to the upside today. The digital asset is currently trading close to the $2.00 psychological level which is a key resistance area.

The price action over the last few days has formed a bullish pennant pattern which is a continuation pattern. The breakout from this pattern has come with above-average volume which is a sign of strength. The next target for the bulls is the $2.1 price level.

The Stochastic RSI indicator is currently in the overbought region but this does not mean that the digital asset is due for a correction. The bulls are in control of the market and will look to push prices higher in the near term.

The MACD indicator is also in bullish territory and is gaining momentum. This is a positive sign for the bulls as they look to push prices higher.

image 561
XTZ/USD 1-day price chart, source: TradingView

Tezos price analysis shows that the digital asset is currently facing resistance at $2.1. This is a key level to watch as a breakout above this level will open up the possibility of XTZ prices reaching $3 in the near term.

The next level of support is seen at $1.95 which is the breakout level from the bullish pennant pattern. A move below this level will invalidate the bullish pennant pattern and could see XTZ prices retrace back to $1.87.

Tezos price analysis: Recent developments and further technical indications

Tezos price analysis reveals the prices are currently trading in a bullish pennant pattern which has a target of $2.1.The prices are trading within a range of $1.87 to $2.02 and have formed higher highs and higher lows which is a bullish sign. The Stochastic RSI is currently in the overbought region but this does not mean that the digital asset is due for a correction.

image 560
XTZ/USD 4-hour price chart, source: TradingView

The 50-day moving average is currently providing support for the digital asset while the MACD indicator is in bullish territory and is gaining momentum. The market volatility is relatively low which is a sign that the market is maturing as indicated by the ATR indicator. The Bollinger bands are starting to expand which is a sign that the market is due for a breakout.

Tezos price analysis conclusion

Tezos price analysis indicates the market is currently in a bearish trend. However, the recent developments and technical indicators show that the market is maturing and a bullish trend could develop in the near future. The bulls will need to push prices above the $2.1 level to confirm a bullish trend.

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.
William Suberg

William Suberg

William Suberg is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. William is a lover of sports.

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