TEZOS (XTZ) Price Analysis: Noble Cause Provides 15% Gains For Tezos Price

• Tezos coin price is having significant bullish momentum in today’s market with an overall gain of 13.67%
• The bullish momentum helped the altcoin to break the crucial level of $3.00
• The coin got the support level around 0.5 fib retracement level and rebounded for the gain of 30% for the past four days. 

On the 7-day weekly chart, Tezos started at a price level of $2.80. Facing the resistance provided by the price level of $3.00 it dipped to the support level of $2.60. After gradually gaining positive movement in the market, it touched the level of $2.90 yesterday, which indicated that the altcoin is ready to make a bullish impact.

Tezos also got fundamental support at the same time by its developer Johann Tanzer who organized a price pool worth $1,000 to fight the novel coronavirus (COVID-19).

Currently, the altcoin is strongly holding up the price level of $3.00 with the current price of $3.23. The market capitalization is $2,267,041,747 with volume traded of $243,346,452. The XTZ/BTC pair is also on significant positive movement with a 10.78% gain with the level of 0.00035719 BTC.

The technical chart reflects on the bullish momentum build by tezos from the starting of the year which made it one of the top-performing crypto-asset this year. The sharp rising rally also caused a significant downtrend for the altcoin and later got the support level at the price range of $2.30.

Now that the altcoin has again crossed the level of $3.00, it may resume its bullish momentum again. The technical indicators and oscillators favor XTZ bulls strongly.

MACD levels have finally reached a bullish zone after touching the depth of bearish levels a few days back. The 24hour-RSI is at the bullish level of 70 which is a positive sign for tezos. However, RSI is also being very close to the overbought region which can bring back bears into play again.

The 24hour- CCI is in the overbought region but having negative divergence which can bring the levels to the normal region again.

Resistance level: $3.50 and $3.90  

Support level: $3.00 and $2.70

Pratik Chadhokar

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.