- Tezos is finally showing signs of sustainability over the price level of $2.00 by reaching the safe spot of $2.20.
- The altcoin is having an overall gain of 7.60% and sustained the crucial mark of $2.00.
- Tezos is finally showed real potential to cross $2.20 with overall bullish market conditions.
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 as the altcoin has broken below $2.00 on several occasions after having significant gain above the level but has a positive future for long term investments.
Now the altcoin has crossed 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 and resistance level of $2.30 will provide a huge advantage to the cryptoasset. The current price is $2.20 with the market capitalization of $1,508,452,772 with 24h volume traded of $178,215,958.
Tezos Price Analysis
The technical chart reflects on the bullish 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 reaching to the bullish level of 60. However, it is vulnerable to the overbought region which may provide it a negative divergence.
CCI is attempted for the overbought region and was successful after a positive divergence from the peak of oversold 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 $2.30.
MACD levels also indicate 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: $2.30
Support levels: $2.00 and $1.80
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.