Connect with us

Plato Vertical Search

Blockchain

Tezos Price Analysis: Emerging XTZ Coin Rally Eyes $5.8 Mark

Tezos Price Analysis: Emerging XTZ Coin Rally Eyes $5.8 Mark

The Tezos price maintains a short-term downtrend in its technical chart. This pair plummeted to the $3.85 support, bringing a 58% discount in its value. Furthermore, the price obtained sufficient demand pressure from below, followed by reversal signs from price action and indicators.

Tezos Key technical points:

  • The XTZ coin shows a death crossover of the 50-and-200-day EMA
  • The daily RSI chart crossed above the neutral zone(50)
  • The intraday trading volume in the Tezos coin is $272.5 Million, indicating a 53.2% gain.

Tezos Price Analysis: Emerging XTZ Coin Rally Eyes $5.8 MarkSource- Tradingview

Previously when we covered an article on Tezos, the coin was trying to bounce back from the $3.8 support. However, the price could never breach the nearest resistance of $4.54, and after experiencing strong rejection from this level, it plunged back to the bottom support.

This pair resonated in this level for around two weeks before giving a proper breakout from the overhead resistance on December $23. The price sustains the retest phase the next day, and by forming a morning star candle pattern, it seems ready for an upward rally.

The crucial EMA levels(50, 100, and 200) still indicate a bearish trend for this token. Moreover, the chart has recently shown a death crossover of the 50 and 200 EMA.

The daily Relative Strength Index (62) indicates increasing bullishness in the price with its evident bullish divergence.

XTZ/USD 4-hour time frame chart

Tezos Price Analysis: Emerging XTZ Coin Rally Eyes $5.8 MarkSource- Tradingview

For Tezos coin to provide a better confirmation for a new rally, it needs to reclaim the crucial resistance of $5.8. The crypto traders can now expect good support from the $4.5 level, which will bolster the price to rally towards the above resistance.

However, a minor resistance level stands between $5.8, and the price is $5.2. The crypto traders should look out for this resistance as it can offer sufficient resistance to interrupt the new rally.

The Moving average convergence divergence shows both lines moving above the neutral line, indicating a positive outlook for the token. Moreover, the chart also shows a bullish crossover of these lines, indicating a buy signal.

The post Tezos Price Analysis: Emerging XTZ Coin Rally Eyes $5.8 Mark appeared first on CoinGape.

Advertisement. Scroll to continue reading.
Tezos Price Analysis: Emerging XTZ Coin Rally Eyes $5.8 Mark Blockchain, Featured, Home, News CoinGenius Hosts Virtual Crypto Event The Road To Mass Adoption

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.

Click here to access.

Source: https://coingape.com/tezos-price-analysis-emerging-xtz-coin-rally-eyes-5-8-mark/

Advertisement

Latest Blockchain Streams

Blockchain

Bullish GRT price prediction is $0.7922 to $1.67. GRT price might also reach $2 soon. GRT bearish market price prediction The post has appeared...

Blockchain

For years now, some investors have preferred to hold their wealth in cryptocurrencies like bitcoin and ethereum as opposed to cash. As cryptocurrencies become...

Blockchain

QANplatform, a quantum-resistant Layer 1 hybrid blockchain platform that enables the creation of quantum-resistant innovations in any programming language has launched its TestNet following...

Blockchain

Seattle, United States, 18th January, 2022, Chainwire Stably, a US venture-backed stablecoin and asset tokenization infrastructure provider, announced it has The post has appeared...