Tezos Price Analysis: XTZ May Cross Above $6.50

Tezos price traded at $6.40 with a gain of 20% in the last 24-hour
  • XTZ price action bounced back from $5.10 to $6.34 on Tuesday’s trading session
  • The 24-hour volume in XTZ is at $1,594,625,318 with a 22% increase
  • The XTZ/BTC pair was trading at 0.0001086 BTC with a gain of 20.33%

The 4-hour technical chart of XTZ price action forecasts a positive trend. According to pivot points, XTZ’s critical support level is placed at $5.10. Whereas if it moves up, the key resistance level to watch is $6.50. While diving into the weekly chart of a 4-hour time-frame, it completes a Bullish engulfing candlestick pattern representing bullish reliability with strong uptrend.

EMA- (8,13,21,55) acts as another strong support in the coin. EMA-8 (blue) intersects above EMA-13 (green), which projects a positive trend. The price is above EMA-8. Investors may perceive positive crossover in the EMA, and the price will also follow the positive trend.

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RSI indicator (BULLISH), with a value of 72.54, indicates a buy signal in the coin. Moreover, Investors can see an upward slope from 69 to 72.54 in the index, which may surge in future trading sessions.

The volume of (613.93K) represents a buying volume that is above the Volume MA (888.12K) of 20-days. High buying pressure is required in XTZ to drive its price to higher levels.

Tezos Price Indicates Positive Momentum

XTZ price traded at $6.40 with a gain of 20% in the last 24-hour and 37.10% up in the weekly time-frame. In contrast, the market capitalization stands at $4.79 billion. Technically, investors can perceive positive crossover in EMA, and the price is above the 8-EMA. RSI index showcases an upward slope. Moreover, the price movement may be above $6.50 in future trading sessions.

Resistance: $6.50

Support: $5.10

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Nikhil Ingolehttp://themarketperiodical.com
Mr, Nikhil Ingole is a cryptocurrency technical analyst with over seven years of technical analysis trading experience in Forex and Indian stock market. As a commerce graduate, he has taken a keen interest in blockchain's future potentials in the financial industry. He possesses strong technical, analytical skills and is well known for his financial market's informative analysis. Other than crypto, Nikhil Loves to watch his favorite football team and keep up to date with the latest Formula 1 racing.

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