Tezos Price Bringing Positive Momentum After Facing Resistance At $2.80

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.
  • Tezos is finally back in action with a significant positive movement upfront. 
  • The altcoin is having an overall gain of 1.00% and sustained the crucial mark of $2.50.
  • Tezos is finally showed real potential to cross $3.00 with overall bullish market conditions. 

Capture
 Source: Coinmarketcap

Tezos Price has started showing positive momentum in the market since facing heavy price corrections for a while. Tezos price analysis indicates bulls reaching its crucial support level of $2.00 can be one of the reasons for the bullish momentum. However, now that the XTZ bulls are sustaining on the bullish momentum for the second consecutive date, it can be said that XTZ bulls are back in action.  

Now the altcoin has crossed the crucial mark of $3.00 in order to confirm the return of XTZ bulls in the market. A successful break above the crucial mark and resistance level of $2.80 can provide a huge advantage to the XTZ price. The current price is $2.54 with the market capitalization of $1,806,452,772 with 24h volume traded of $109,215,958.

Tezos Price Analysis (XTZ)

Screenshot (3)
 Source: Tradingview

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 $2.50 and went to the highest at $2.80. It attempted to cross a $3.00 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 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 $3.00.

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

Resistance levels: $2.80 and $3.00

Support levels: $2.50 and $2.20

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