https://ift.tt/G86zWry to break past the $5 resistance level soon

TL;DR Breakdown

• The Tezos price analysis is bullish.
• XTZ/USD is presently at $4.4.
• Technicals are bullish for XTZ.

According to the Tezos price analysis, a bullish daily pattern appears to be. The bulls have successfully kept their grip and made significant gains in recent weeks. During the previous twenty-four hours, the price has risen significantly, reaching $4.32 as of now. Buyers were given a boost during the last few hours as the price steadily rose from $4.21 to its current price.

XTZ/USD price movement in the last 24 hours: Price moving unboundedly towards its target of $5

The 24-hour Tezos price chart shows encouraging signs of an uptrend. The cryptocurrency has managed to recover from the recent lows of $3.75, marking a 22% increase in its value since then and an impressive 30% increase.

The price action for XTZ/USD shows that the bulls have run into some resistance, placing themselves between $4.38 and top a little above that at $4.44. As per the previous price action, the XTZ/USD pair will likely experience a retracement or sell-off, followed by another bullish wave marking an uptrend with support from the bulls.

Currently, XTZ/USD is valued at $4.32, which marks a 4.62% increase in its value over the past twenty-four hours. The cryptocurrency will need to rise above $4.38 if it has any chance of testing resistance placed just below $5 at $5.31.

It has become evident that Tezos is experiencing another bullish wave as the XTZ/USD pair chart continues to look bullish. Resistance lies at $5, while support lies at $4.21, which are the levels that traders should keep in mind while trading XTZ/USD this week.

The Tezos price analysis shows that sell pressure has not reappeared, indicating a good run for the cryptocurrency over the next few days.

Tezos 4-hour chart: Recent price developments

The Ichimoku Cloud for XTZ/USD shows strong signs of a bullish trend. The cloud has changed color from red to green, indicating a buying opportunity instead of a sell signal. In addition, the lagging line is trending north, indicating a buy. As seen by the Awesome Oscillator, Momentum is also climbing, which shows that more traders are taking long positions rather than short ones.

In spite of the recent gains, XTZ/USD is still far from breaking out of $4.44, which could be seen as an opportunity by the bulls to gain strength before taking another shot at $4.38.

The Bollinger bands tightening of the Bollinger Bands have also shown strength; therefore, traders should be cautious about buying without confirmation. The price is still below the 20-day EMA, so there’s plenty of room to move upwards before XTZ/USD enters a contracting trend which would indicate the beginning of a bearish phase.

The MACD signals that XTZ/USD will likely continue to rise due to its strong bullish momentum. It has flipped from the negative territory into positive, which signals a shift in market bias from the bears to the bulls.

Tezos price analysis: Conclusion

The Tezos price is moving quickly towards the resistance of $5, marking a 30% increase over the past week. The cryptocurrency will likely continue to rise for another few days before encountering further resistance at $4.38, its target goal.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.