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Tezos price analysis: XTZ Forms a Bullish Pattern, What Are the Key Factors for the Bullish Rally?

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Tezos price analysis: XTZ Forms a Bullish Pattern, What Are the Key Factors for the Bullish Rally?

  • Tezos (XTZ) is performing well after retreating from yearly lows.
  • XTZ has reached the leading Span B of the Ichimoku indicator in terms of the daily price chart.
  • Despite the bullish trend, the market cap of XTZ declined by 3.3% over the past 24 hours to below $2 billion.

Tezos (XTZ) coin is looking bullish as price action continues to manage above the upward trend line against the USDT pair. XTZ price action is showing a high-low and the bulls are crossing each minor decline.

As for longer term investments, the bullish momentum in XTZ looks sustainable as the bulls look aggressive with increasing trading volumes. And the best past is, XTZ price is well above the crucial round level of the $2.0 mark.

Meanwhile, at the time of writing, the XTZ token is trading at the $2.15 mark in an intraday trading session with a correction phase.

Tezos price analysis: XTZ Forms a Bullish Pattern, What Are the Key Factors for the Bullish Rally?

Source: XTZ/USDT by Tradingview 

Recently, buyers failed to push XTZ price above the key span B of the Ichimoku indicator in the context of the daily price chart. If the altcoin price candle closes below this resistance level, the bulls may attempt an upward move tomorrow. However, trading volume increased by 15% last night.

During the retracement phase, XTZ’s market cap fell below $2 billion, down 3.3% over the past 24 hours. Furthermore, the XTZ coin belonging to the bitcoin pair is trading at 0.0000717 satoshis, down 1.3%.

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RSI headed higher territory inside the bullish channel 

Tezos price analysis: XTZ Forms a Bullish Pattern, What Are the Key Factors for the Bullish Rally?

Source: XTZ/USDT by Tradingview 

On the daily price chart, the RSI indicator is continuing an upward move in the wedge channel (blue) while moving into the higher zone. Therefore the RSI peaked above the semi-line (50 mark). On the other hand, ADX continues to move downwards since the 45 mark.

conclusion

As the ADX indicator shows weak strength in the bullish momentum of Tezos (XTZ) coin. But still the altcoin price is trending well above the uptrend line.

Support level- $2.0  and $1.5

Resistance level – $2.5 and $3.0

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.


Source: ethereum.today

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