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

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Tezos 4
Tezos 4
  • 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. 

Capture

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.

Screenshot (35)
Source: Tradingview

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

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