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- Tezos Price analysis suggests sideways movement below $3.20
- The closest support level lies at $3.10 and further below at $2.984
- XTZ faces resistance at $3.20.
The Tezos price analysis shows that the asset’s price action has found support at the $2.600 mark and initiated a recovery towards previous high. XTZ has recovered to the $3.10 mark due to strong bullish activity but the price action is still under strong bearish pressure as selling continues due to the Ukraine-Russia conflict.
The broader cryptocurrency market has observed a bullish market sentiment over the last 24-hours as most major cryptocurrencies observe positive price movements. Major players include LUNA and ONE recording a 22.89 and 16.40 percent incline respectively.
Tezos price analysis: XTZ recovers $3.10
Across the technical indicators, the MACD is currently bullish as expressed in the green color of the histogram. Furthermore, the indicator’s dark shade suggests an increasing bullish momentum in press time as the price action approaches the $130.00 resistance level. The indicator is tall at press time showing strong bullish momentum suggesting a bullish breakout from the $3.20 resistance level.
The EMAs are currently trading close to the mean position as the XTZ price observes low net activity over the past few days as the recent bullish activity barely cancels out the bearish activity observed over the past few days. At press time both EMAs are moving upwards at a steep slope with the 12-EMA diverging further from the 26-EMA suggesting an increasing buying activity for Tezos.
The RSI was trading low yesterday as it observed a fall into the oversold region at the 30.00 index units, falling low as 25.00 units before recovering. Currently, the indicator is trading above the mean level at 50.00 moving towards the 60.00 unit mark as the buyers continue with the bullish push upwards.
The Bollinger Bands are currently narrow but show divergence as the price action breaks above the $3.15 mark. The breakthrough would suggest an increase in Tezos price volatility across the short term. Currently the indicator’s mean line provides a support to the buyers at the $2.984 mark while the upper limit acts as resistance at the $3.296 mark.
Technical analysis for XTZ/USDT
Overall, the 4-hour Tezos price analysis issues a buy signal with 10 of the 26 major technical indicators showing support to the bulls across the timeframe. On the other hand, seven of the indicators support the bears, suggesting a significant bearish presence in recent hours. Meanwhile, the remaining nine indicators sit on the fence and do not issue any signals at press time.
The 24-hour Tezos price analysis does not share this sentiment and issues a sell signal with 15 major technical indicators suggesting downwards movement against only seven indicators suggesting further upwards movement. The analysis shows bearish dominance while showing little to no bullish pressure across the mid-term charts. At the same time, ten indicators remain neutral and do not support either side of the market.
What to expect from the Tezos price analysis?
The Tezos price analysis shows that after finding strong bearish pressure at the $4.200 mark which rejected the trend causing XTZ to crash to the $2.600 mark. The wavelike bearish activity enabled the sellers to cause a significant price drop without a bounce back from the buyers. At press time, the buyers have recovered to the $3.10 price level but the selling pressure persists.
Currently, traders should expect the Tezos price analysis to move sideways below the $3.20 mark as the bulls fight back against the sellers. The market sentiment is also turning bullish reinforcing this suggestion. However, the contrasting mid-term analyses suggest a lack of bullish momentum across the daily charts.