TEZOS (XTZ) Price Analysis: Mission Of Breaking $2.00 Fading Away For Tezos Coin Price

• Tezos is having bullish momentum in today’s market with an overall gain of 1.67%
• The bullish momentum helped the altcoin to break the crucial level of $1.50.
• The XTZ/BTC pair is facing a significant downtrend of -2.03% with the level of 0.00024550 BTC.

On the 7-day weekly chart, Tezos started at a price level of $1.60. Facing the resistance provided by the price level of $2.00 it dipped to the support level of $1.30. After gradually gaining positive movement in the market, it touched the level of $1.60 yesterday, which indicated that the altcoin is ready to make a bullish impact.

Currently, the altcoin is strongly holding up the price level of $1.50 with the current price of $1.58. The market capitalization is $1,114,041,747 with volume traded of $87,346,452. The XTZ/BTC pair is also on significant negative movement with a 2.03% loss with the level of 0.00024450 BTC.

The technical chart reflects on the bearish momentum build by tezos from the starting of this month which made it one of the top losing cryptoasset this month.

Now that the altcoin has again crossed the level of $1.50, it may resume its bullish momentum again. The technical indicators and oscillators indicate that there will be no significant movement for the altcoin due to price consolidation.  

MACD levels have finally reached bearish zone after touching the depth of bullish levels a few days back. The 24hour-RSI is at the neutral level of 45 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 oversold region but having positive divergence has brought the levels to normal region. The positive divergence nearly touched the overbought region but managed to have negative divergence which indicates sustainability over the current price levels.  

Resistance level: $1.90 and $2.00
Support level: $1.50  

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.