What does Tezos Indicate by Breaking the Resistance Level of $2.40?

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 strongly attempting to break its consolidation phase by breaking the major resistance level of $2.40 on Tuesday’s market session. 
  • The XTZ/BTC pair is also performing positive with an overall gain of 2.63% bringing the current level to 0.00020984 BTC 

Tezos has finally built the positive momentum which was expected in the market by breaking the resistance level of $2.40 with a significant positive momentum of 3.50% bringing the market capitalization to $1,799,740,996 and the 24-hour volume traded of $198,676,703. However, sustainability over the resistance level is still yet to be tested for the coin.

 

xtz price
Source: Coinmarketcap

As the weekly chart indicates, XTZ was successful in sustaining the price level above the major support of $2.00. If the support got broken in the market, bears would have provided more price damage to the crypto asset. With the help of positive momentum provided by the support level, the crypto asset has now been able to break the resistance mark of $2.40 and is looking further for significant price recovery action in the market. 

Technical Levels Indicating Tezos can Gain New Levels for the Month

xtz tech
Source: Tradingview

The technical chart bifurcates the price momentum of XTZ from the last month into three phases. The first phase was consisting of a heavy downtrend faced by the cryptoasset after testing the major resistance level of $4.00. The second phase introduced price consolidation at the end of the month which avoided price recovery straight after the downtrend. The start of this month introduced a little price recovery action for the coin as of now which is the third phase. The current target of the cryptoasset will be to break above the major resistance placed at 0.5fib level. 

Relative Strength Index levels are building gradual positive momentum which is a bullish signal. The current level stands at 68.77.

The commodity channel index is sustaining in the overbought region with the current level of 157.89. However, the current levels must avoid any sharp negative divergence which can introduce the bears back again. 

The directional movement index is giving a bullish signal too with ADX standing at 36.7213 and well above +DI(25.5637).

Can Tezos Reclaim Price Level of $3.00 with this Bullish Move? 

The roadmap for Tezos reaching the price level of $3.00 looks very long for now. However, the crypto asset must sustain above the price level of $2.40 to sustain the current bullish move. Also, if the bullish trend continues, it may face profit booking momentum around the price level of $2.90. On the downside, it has the major support level of $2.00 

RESISTANCE LEVEL: $2.90 & $3.00

SUPPORT LEVEL: $2.00 

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