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- XTZ price has been performing significantly bullish over the past couple of weeks with a 92.00% gain
- The price action has been positive for tezos and has been 70% higher as compared to bitcoin
Tezos has given an exceptional growth of 92% in the last 16 days, making a new all-time high of $7.24. Yet, there’s no sign of growth slowing down other than a couple of minor dips towards the trendline. The breakout of the cup and handle pattern has been an important part of the outstanding growth. The market capitalization is raised to $5,023,001,277 from $3,156,772,398 in a fortnight. The 24-hour volume is $624,774,168 (-45.95%), indicating another dip towards the trend line.
Substantial Higher Highs for XTZ Price
XTZ price after making two consecutive higher highs, where both of them were new All-time High, the trend line is still intact, and the price is going for another dip towards it. Currently, the price is in a downtrend for a shorter time frame. However, the support trendline and 50 EMA(yellow) could provide backup for continuing the uptrend. Even if the trend line and 50 ema fail to hold up the price, the support zone from $5.35 to $5.60 could help bounce the price back up.
50 EMA (yellow) is moving alongside the trend line to provide immediate support, and it is above 200 EMA(white), indicating an uptrend.
The relative strength indicator (neutral) is at 57 presently, but the values could drop if the bears step in for a long time.
Conclusion
XTZ price could soar the higher prices if the trendline remains intact and the constant support of 50 EMA. However, the mentioned support zone could be brought into the play if the price drops below 50 EMA. Early traders must wait for the price to bounce from either support level.
Support – 50 EMA and the trend line apart from the mentioned support zone
Resistance – $7.24
