Analysis

Tezos (XTZ) Rallies 10% And Indicators Suggest “Liftoff” To $3.6

Tezos’s price gained over 10% and it traded to a new monthly high at $ 3.308 against the US Dollar. XTZ is trading in a nice uptrend and it seems like it could continue to rise towards $ 3.500 or even $ 3.650.

  • XTZ started a steady rise and it settled nicely above the $ 3.000 resistance against the US dollar.
  • The price traded to a new monthly high at $ 3.308 and it is currently consolidating gains.
  • There is a major bullish trend line forming with support at $ 3.100 on the 4-hours chart of the XTZ/USD pair (data source from Kraken).
  • The pair is likely to continue higher towards $ 3.500 as long as it is above $ 2.700.

Tezos (XTZ) Surges 10+%

In the last technical analysis, we saw a strong increase in XTZ above the $ 2.500 and $ 2.700 resistance levels against the US Dollar. Later, there was a short-term downside correction, but the bulls protected losses below $ 2.700 and 100 simple moving average (4-hours).

A swing low was formed near $ 2.654 and the price started a fresh rally (similar to LINK). There was a clear break above the $ 3.000 resistance and the price even broke the last swing high.

Tezos’s price traded to a new monthly high at $ 3.308 and it is currently consolidating gains. An initial support is near the $ 3.150. It is close to the 23.6% Fib retracement level of the recent wave from the $ 2.654 low to $ 3.308 high.

Tezos (XTZ)

XTZ price above $ 3.000. Source: TradingView.com

There is also a major bullish trend line forming with support at $ 3.100 on the 4-hours chart of the XTZ/USD pair. The main support is near the $ 3.000 level and the 50% Fib retracement level of the recent wave from the $ 2.654 low to $ 3.308 high.

On the upside, the $ 3.300 level is an immediate resistance. A successful break above the recent high could open the doors for more gains towards the $ 3.500 and $ 3.600 levels in the coming days.

Uptrend Support

If XTZ price corrects lower, the bulls are likely to protect the $ 3.100 and $ 3.000 support levels. The main uptrend support is near the $ 2.700 (the previous breakout zone).

A downside break below the $ 2.700 support level may perhaps initiate a larger decline towards the 100 simple moving average (4-hours).

Technical Indicators

4-hours MACD – The MACD for XTZ/USD is gaining momentum in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for XTZ/USD is currently well above the 70 level.

Major Support Levels – $ 3.150, $ 3.100 and $ 3.000.

Major Resistance Levels – $ 3.300, $ 3.500 and $ 3.600.

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Analysis – NewsBTC

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