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.
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.
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.
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.
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