According to the technical chart, Tezos price depicts downtrends in the near term. Keep in mind that the alt had declined towards the support zone of $3.85, translating to a 58% price discount. Moreover, the alternative coin gathered enough demand momentum from low levels, followed by reversal signals from indicators and price action.
Vital Technical Points
- Tezos price displays a death cross of 50-day and 200-day exponential moving average.
- The daily Relative Strength Index swayed beyond the neutral region (50).
- XTZ Coin’s intraday trading volume is 271.5M, representing a 53.2% surge.
XTZ has been attempting to bounce for the $3.8 barrier. Nevertheless, the alt failed to breach the closest resistance at $4.54. That resulted in a massive rejection from the level, and Tezos plummeted towards the lower support floor.
The pair explored this zone for nearly fourteen days before a breakout, overpowering the overhead resistance during the 23 December sessions. The price sustained its retest phase the following day, and creating a morning star candlestick pattern, XTZ appears ready for upward rallies.
The critical exponential moving averages (50-100-200) still show bearish strength for Tezos. Moreover, the price chart recently depicted a death cross by the 50- and 200 EMA. The daily RSI shows a bullish divergence, confirming increased bullishness in this altcoin.
XTZ/USD 4Hr chart
Tezos has to conquer the resistance mark at $5.8 for the currency to confirm a new upward rally. For now, crypto fans might expect dependable price support from $4.5 while can support the token surge towards the mentioned resistance.
Nevertheless, the coin has minor resistance levels at $5.8.market players need to watch this resistance since it might ensure enough obstacles to alter the new upside rally. Meanwhile, the MACD has its lines climbing past the neutral level, confirming an optimistic outlook for XTZ. Furthermore, the chart indicates a bullish cross by the line suggesting a ‘buy’ signal.
For now, XTZ awaits an emerging rally, targeting the levels at $5.8. That appears achievable with the bullishness surrounding the market for now. However, let’s see what the up-and-coming sessions will comprise. Stay tuned.
Editorial credit: Piotr Swat / shutterstock.com