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XTZ Price Analysis: Can Tezos price action register an upswing?


www.thecoinrepublic.com 29 May 2022 03:59, UTC
Reading time: ~2 m

•XTZ/USD is currently transacting at $1.92 and has increased by 5.04% over the past day

•The trading volumes have decreased by 33.87% over the past day 

•The technical indicators suggest a positive outlook for the near term 

Short Term View: Can Tezos go on a sustained rally in the coming days?

Source: XTZ/USD by TradingView 

The Tezos price today is $1.92 USD with a 24-hour trading volume of $84,742,563 USD. Tezos is up 5.04% in the last 24 hours. The trading volumes have decreased over the past day whereas the Volume to Market Cap ratio stands at 0.04932.

Although the Tezos Price is currently transacting below the 20,50 SMA on the four-hour chart, the long tail on the four-hour chart for Tezos shows that the bulls have been actively buying. If the Tezos price turns down from the current level of overhead resistance, it will indicate a lack of demand at higher levels. That could increase the likelihood of a break below the support level placed at $1.50. A break and close below this level can intensify selling pressure and the pair can plummet to the $1 mark. On the other hand, if the bulls are able to stage a protracted rally, they could encounter resistance placed at $2.50.

Long Term View for Tezos

Source: XTZ/USD by TradingView 

The technical indicators for Tezos indicate a bullish presence in the market. As seen on the Relative Strength Index, the indicator noted an uptick and is currently transacting at 43.32, thus, giving off a neutral signal. The green histograms are showcasing bullish strength as well, with a gradual increase in size over the past few days. The MACD and signal lines are also moving towards the halfway mark, crossing which would be a major boost for the bulls.

Conclusion 

Although Tezos has been moving sideways over the past few days, the technical indicators today point towards a possible bullish revival. It is possible that the coin might consolidate over the immediate trading sessions and then finally break past the sideways trading pattern.

Support: $1.50-$1

Resistance: $2.50-$3

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.


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