Tezos (XTZ) Price Analysis: The Top Performing Altcoin Is Back With Positive Momentum

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  • Tezos is finally back in action with a significant positive movement upfront.
  • The altcoin is having an overall gain of 12.93% with the aim of breaking the crucial mark of $1.50.
  • The traders should now bring tezos to attention as it has the potential of long term bullish growth.

source: coinmarketcap

Tezos have started showing positive momentum in the market since facing heavy price corrections for a while. Reaching its crucial support level of $1.30 can be one of the reasons for the bullish momentum. However, it is still looking a little bearish for the short term but has a positive future for long term investments.

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Now the altcoin is looking forward to crossing the crucial mark of $2.00 in order to confirm the return of XTZ bulls in the market. A successful break above the crucial mark will provide a huge advantage to the cryptoasset. The current price is $1.60 with the market capitalization of $1,025,452,772 with 24h volume traded of $54,215,958.

Tezos (XTZ) Technical Analysis 

Screenshot (89)
source: tradingview

The technical chart reflects on the bearish momentum made by XTZ bulls from the starting of this month. It started the year with a price of $1.35 and went to the highest of $3.90. It attempted to cross the $4.00 mark in which it failed miserably and resulted in the downfall of the prices.

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The technical indicators and oscillators somewhat favor XTZ bulls.

RSI is moving between the level of 60 to 70. However, it is too vulnerable to the overbought region which may provide it a negative divergence.

CCI is attempting for the normal region after a negative divergence from the overbought territory. This indicates that XTZ can be able to sustain on the bullish momentum built in today’s market and would be able to cross the crucial mark of $2.

MACD levels also indicate a strong bullish phase for the altcoin due to the bullish cross developed in the bearish zone. It also indicates that there is potential that XTZ may face heavy buying volume in upcoming days or so.

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Resistance levels: $2.00 and $2.50
Support levels: $1.50 and $1.40

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Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.

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