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- 1 Tezos price (XTZ) gained 6.26% in the past 24 hours and is currently trading at $0.697.
- 2 The daily chart shows that Tezos price shows a consolidation of over 50 days.
- 2 Tezos crypto price trades near the 50-day EMA and struggles to break above it.
Tezos crypto price is up 6.26% intraday to become the top gainer among the top 100 crypto according to market cap. However, the price still trades in the consolidation range despite having a 6% move in intraday.
The daily chart illustrates that the XTZ crypto price has been in a consolidation of over 53 days and has been unable to determine a trend till now. The Tezos price has been hovering in a 12-13% range with support at $0.62 and resistance at $0.73.
The price trend analysis states that the crypto price had been in a long-term declining trend and slid lower suffering rejections from the 50-day and 200-day EMA. Currently, the crypto price trades near the recent swing low and accumulating; indicating the possibility of reversal.
Furthermore, the intraday price hike of 6% is supported by a massive 800% rise in volume indicating the bulls have successfully defended the lower levels and are attempting to turn the trend in their favor.
The volume analysis shows that the XTZ crypto has received $109.275 Million in volume in the past 24 hours which is almost 800% more than the last day’s volume. The crypto holds a market cap of $664.74 Million and ranks 49th in the overall crypto market. The volume-to-market cap ratio is 15.89% indicating a mild to high volatility in the crypto.
Tezos Crypto Price Might Break Above 50-Day EMA
The Tezos price currently trades at $0.697 with an intraday gain of 6.26%. The bulls are trying to dominate in the short term which may be confirmed if the price shows a breakout of the consolidation. The breakout may turn the short-term trend optimistic and add more buyers to surge the price higher.
If the sellers dominate, then the XTZ price might experience a breakdown. The breakdown below the recent swing low may turn the short-term trend pessimistic and the price might observe a long unwinding.
Technical Indicators Show Optimistic Signals for XTZ
MACD lines are showing a positive crossover. The histogram bars are also being formed above the mean line of increasing height, indicating that the bulls are regaining momentum and the price may register a breakout soon.
The EMA analysis shows that the XTZ price trades near the 50-day EMA and attempts to break above it; indicating the short-term buyers’ presence in the market. The breakout might take the price higher to test the 200-day EMA.
Conclusion
Tezos crypto price rose 6.26% to become the top gainer among the top 100 crypto. The crypto price trades in a consolidation zone of over 13%; the breakout of which might surge the price near the 200-day EMA. Moreover, the breakout is supported by a massive 800% hike in volume indicating that the bulls have successfully defended the lower levels and the price might show gains in the upcoming sessions.
Technical Levels
- Support Levels: $0.635 and $0.587
- Resistance Levels: $0.732 and $0.885
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
