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- Tezos is finally back in action with a significant positive movement upfront.
- The altcoin is having an overall gain of 0.73% to break the crucial mark of $1.50.
- The traders should now bring tezos to attention as it has the potential of long term bullish growth.
Tezos have started showing positive momentum in the market since facing heavy price corrections for a while. Reaching its crucial support level of $1.20 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.
Now the altcoin is looking forward to crossing the crucial mark of $2.00 to confirm the return of XTZ bulls in the market. A successful break above the crucial mark will provide a huge advantage to the cryptocurrency. The current price is $1.60 with the market capitalization of $1,143,452,772 with 24h volume traded of $154,215,958.
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 at $3.90. It attempted to cross the $4.00 mark in which it failed miserably and resulted in the downfall of the prices.
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.
RSI is showing negative nature currently. However, it can reach to the neutral level of 50 for providing a positive start to the altcoin.
Resistance levels: $2.00 and $2.50
Support levels: $1.50 and $1.40
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.
