Tezos price analysis: XTZ retraces to $1.04 as bulls slowly prepare for another move higher

Tezos prixe analysis

TL;DR Breakdown

  • Tezos price analysis is bullish today
  • The strongest resistance is present at $1.05
  • The strongest support is present at $0.9889

Tezos price analysis confirms an increasing trend for cryptocurrency as the coin value has increased today. Earlier the market value of Tezos has been sinking for the past week as a continuous bearish wave seemingly took over the market. But the price function followed a bullish movement from the start of today’s trading session, and now the price is trading at a $1.04 lower high. Chances of further bullish growth seem quite near as the bearish resistance is very low.

XTZ/USD 1-day price chart: Bullish sweep marks price movement above $1.04 level

The one-day Tezos price analysis confirms a strong bullish trend for today as the coin value has undergone a considerable improvement. Though the coin value suffered for more than a week earlier, today, the effort from the buyers’ side remained commendable and persistent as the price action has been upward for the last 6 hours. The circumstances are in support of the bulls as the price covered an upward movement up to a $1.04 high.

image 265
XTZ/USD 1-day price chart, Source: TradingView

The 50 SMA is still crossing above the 100 SMA, and the 200 SMA is also moving higher to reflect that buyers are gaining more control. The MACD on the 1-day chart is heading upward to indicate further upside momentum. RSI is currently at the oversold levels, indicating that buying pressure is getting stronger.

Tezos price analysis: Recent developments and further technical indications

The 4-hour Tezos price analysis favors the bullish side as a strong rise in XTZ/USD value was detected in the past few hours. The bulls have been dedicated to rewin their leading position in the market, and so far, their progress has been fascinating. The price experienced a rise to $1.04 in the last four hours because of the upturn. Overall the price action has been headed upward for the last 4 hours.

image 264
XTZ/USD 4-hour price chart, Source: TradingView

At the same time, the moving average convergence divergence (MACD) is moving higher to signal a continuation of the bullish bias. The RSI index has enhanced up to index 39.60 because of the uptrend. The SMA 50 is still hovering above the SMA 100, which indicates that buyers are in control.

Tezos price analysis conclusion

To conclude, the current upward trend in Tezos price analysis is likely to persist in the near future, as it appears that buyers are determined to retake control of the market. The bullish current is expected to intensify in the upcoming hours as bulls aim for a $1.05 resistance level.

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.
Editah Patrick

Editah Patrick

Editah is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates her, she finds the intersection of both technology and finance mind-blowing. Her particular interest in digital wallets and blockchain aids her audience.

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