- Tezos bounced back at $4.12 from the support of $3.20 on Monday’s trading session.
- The SuperTrend indicator projects a buy signal. Until now, no signs of downtrend have been observed.
- The XTZ/BTC pair was trading at 0.00008279 BTC with a gain of 6.13%
The 4-hour technical chart of Tezos projects a buy signal with an uptrend while presenting a SuperTrend indicator. Investors are intended to buy XTZ when the indicator turns from red to green while moving below the price. As long as the SuperTrend signals a bullish trend, Tezos’s downtrend is ensured.
Tezos (XTZ) Bounced Back From Support of $3.20
Tezos price was $4.12 (at the time of writing); according to pivot points, XTZ’s critical support level is placed at $3.44. Whereas if it moves up, the key resistance level to watch is $4.33. While diving into the weekly chart of a 4-hour time-frame, it completes a bearish pin bar candlestick pattern, representing a sharp reversal and rejection of price.
Investors can perceive that the candlesticks completed multiple Higher Highs (HH) and Lower Lows (LL) in the 4-hour technical chart. After forming three (LL) Tezos price bounced back from the support of $3.20.
SMA-50 & 100 acts as another strong support in the coin. SMA-50 (purple) moves below the SMA-100 (white), which projects a negative trend. The price is above both the SMA’s, which is a positive sign for the asset. Furthermore, investors can observe the lines moving close to each other, which indicates a positive crossover may happen in future trading sessions.
RSI indicator (BULLISH), with a value of 61.53, indicates a buy signal in the coin. Moreover, Investors can observe a downward slope in RSI from 67 to 61, and Investors should hold the asset and wait for the RSI to get towards the overbought zone.
Hold your Positions in Tezos For Great Returns
Tezos traded at $4.12 with a gain of 5.0% in the last 24-hour. However, XTZ maintains a gain of 14.65% on the weekly time-frame. In contrast, the market capitalization stands at $3 billion. Technically, Tezos price bounced back from the support of $3.20 and is moving positively towards the resistance level of $4.33.
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