Tezos (XTZ) Price Analysis: Tezos Coin Price Making Another Attempt For $2.00 Mark

  • Tezos is finally back in action with a significant positive movement upfront.
  • The altcoin is having an overall gain of 3.60% with the aim of breaking the crucial mark of $2.00.
  • However, the XTZ/BTC pair is having a minor downfall of -0.70% with the level of 0.00025146.

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 $1.50 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 $1.74 with the market capitalization of $1,225,452,772 with 24h volume traded of $140,215,958.

Screenshot (151)
Source: Tradingview

The tezos price chart reflects on the bearish momentum made by XTZ bulls from the starting of the previous 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 vulnerable to the overbought region which may provide it a negative divergence.

CCI is attempted for the normal region after a negative divergence from the overbought territory and was unsuccessful. This indicates that XTZ can be unable to sustain on the bullish momentum built in today’s market and would not be able to cross the crucial mark of $2.

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

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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