https://ift.tt/3qyHmBv set to spike above $5.5

TL;DR Breakdown

• Tezos price analysis is bullish today.
• The closest support level lies at $4.50
• XTZ faces resistance at the $5.1 mark.

The Tezos price is currently trading at $4.50, which gives bulls a solid foundation on which to build. Buyers can start a rally above $4.600 as long as the bulls hold steady at $4.50. In the short term, the market mood is bullish, suggesting an increase in value.

The Tezos price analysis indicates that the XTZ/USD pair is in a strengthening trend, and it could soon test the $4.70 resistance level. The MACD is also in favor of the market sentiment, which is indicated by the positive sign, indicating that the bulls have taken control of the market. Traders may consider taking long bets on a breakout above $4.21 with a stop loss below $4.10 as a result of increasing buying pressure indicated by the RSI.

Across the technical indicators, the XTZ/USD pair is currently in an uptrend. The RSI has broken above the 50 levels, which may bring further buyers to the market.

The closest support line for XTZ price lies at $4.50. If this support breaks, prices will next target $4.40, after which traders should begin watching out for a candlestick reversal pattern, like a Doji or Marubozu to signal that sellers are regaining control over the market trend.

XTZ/USD Four-hour price analysis chart: What to expect?

The EMAs are crossed in a bullish manner, and the 12 EMA is above the 26 EMA. The RSI points to oversold conditions at 30. This could lead to a bounce-off 30 an uptrend continuation.

The XTZ price is currently trading above the 50 and 100 EMAs in a bullish manner. The MACD continues to display a positive trend, and therefore, this suggests that buyers could push prices even higher once the market candle closes above $4.21.

The Tezos price analysis reveals that bulls have established firm support at $4.25, allowing buyers to start a rise above $4.60. The market sentiment is bullish, suggesting an increase in the short term for this cryptocurrency pair.

The Bollinger Bands are contracting, which indicates low volatility and a possible breakout. The Stochastic oscillator has crossed over from the oversold region and is now heading upwards, suggesting that bulls are in control of this market at the moment.

Tezos Price Analysis: Conclusion

The Tezos price analysis suggests that the XTZ/USD pair is in a bullish trend, and it may soon test the $5.70 resistance level. The market sentiment is positive, as indicated by the MACD, which is in bullish territory. However, the Bollinger Bands have reached a point of contraction, suggesting low volatility.

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