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- XTZ capitalizing on the positive momentum build yesterday on breaking $3.00 mark with a gain of 7% in today’s market.
- The sharp positive momentum might face minor price corrections on the journey to break $4.00
Tezos has been one of the best performing altcoins of this year. Today, it gained 7.05% bringing the price to $3.30 level with the market capitalization of $2,318,956,119 and the 24H volume traded of $201,880,229. On seeing the momentum built from the starting of the year, it looks like there’s no stopping for XTZ bulls.
Tezos Price Analysis
But according to many analysts, the positive rally of Tezos has now become over-extended and can be facing price corrections anytime soon.
Also, the minor rejection faced around $3.40 can be an indication of upcoming price pullback.
The graph reflects on the strong positive momentum build by XTZ bulls in this month. Tezos started with a price of $1.66 in this month and broke the massive mark of $3.60.
Tezos (XTZ) Technical Analysis
The Stoch RSI remains in the overselling region which indicates that it can face price corrections due to the sharp rally.
Whereas RSI favors XTZ bulls by being at the level of 70 and in the positive region. But it is also climbing towards overbought territory which will be interesting to watch.
The CCI is also climbing up the overbought region but a negative divergence from here can favor XTZ bulls immensely.
Major resistance Level: $3.40 and $4.00
Major support level: $3.00 and $2.80
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
