Tezos price analysis: XTZ at $1.69 as bullish momentum inflates

Tezos price analysis
TL;DR Breakdown
  • Tezos price analysis shows a bullish bias trend
  • XTZ prices have sought support at $1.64
  • Resistance for XTZ is present at $1.74

Tezos price analysis is bullish, with the XTZ/USD pair rising to the $1.69 level. The price action recently created a bullish engulfing candlestick pattern, which indicates that the bears are losing control. Currently, the price is just below the channel’s upper boundary at $1.74. A breakout above this level could see Tezos target the next resistance level at the $2.00 level. On the other hand, a failure to move past $1.74 may see the price pull back to test support at the $1.64 mark.

image 141
Cryptocurrencies prices heatmap, source: Coin360

The trading volume has increased over the last 24 hours to retrace to $45,215,784 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 $1,535,541,272.

XTZ/USD 4-hour price chart: Bulls continue to dominate as Tezos price nears $1.69

The 4-hour price chart for Tezos price analysis shows that the cryptocurrency has encountered a bullish strike and has succeeded in breaking above the $1.60 level. This move has seen the XTZ/USD pair target the $1.69 level, which is the current trading mark at this time of writing. The RSI indicator is currently at the 66.09 level, which indicates that the market is neither overbought nor oversold. A move to the overbought region could see Tezos target the $1.74 resistance while a move to the oversold region may see support being tested at $1.60.

image 140
XTZ/USD on a 4-hour price chart, Source: TradingView

The 50 SMA is currently providing support for the XTZ/USD pair as it is located below the current trading price. However, the 200 SMA is slowly catching up and a crossover between these two moving averages could see Tezos target higher prices. The Moving average(MA) envelopes have widened, which indicates that the market is currently in a bullish state.

Tezos price analysis on a 1-day price chart: XTZ gains over 3.09 percent overnight

On the 1-day Tezos price analysis chart, we can see that the price for XTZ/USD has increased by over 3.09 percent as the bulls look to target the $1.74 resistance level. The bulls have been able to break past the barrier created by the descending triangle pattern. The bears might try to pull the prices back down to the $1.60 support level but the bulls are showing strong signs of control.

image 139
XTZ/USD price analysis on 1-day price chart, Source: TradingView

The Moving average indicator is currently in the bullish zone as the 50 SMA is located above the 200 SMA. The 50 SMA is currently at $1.69 while the 200 SMA is at $1.58 on the 24-hour chart. The Moving average is at the $1.58 level and a move past this level could see Tezos target the next level. The Relative Strength Index (RSI) score is increasing at a faster pace and has reached an index of 45.79, which indicates that the market is currently in a bullish state.

Tezos price analysis conclusion

From the above Tezos price analysis, it can be concluded that Tezos prices have a slight bullish bias. The digital asset is currently trading at a key junction and a breakout from either side of the range could set the tone for the next move. Both the hourly and the daily technical indicator are currently in a bullish state and they are indicating that the bulls have the upper hand in the market.

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.
Derrick Clinton

Derrick Clinton

Derrick is a freelance writer with an interest in blockchain and cryptocurrency. He works mostly on crypto projects' problems and solutions, offering a market outlook for investments. He applies his analytical talents to theses.

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