Tezos (XTZ) Approaches $2.0 Amid Increased Bullish Sentiment – Price Analysis

  • XTZ price shows upside actions.
  • The altcoin encounters resistance near $2.1.
  • The immediate support stands at $1.7.

The past 24 hours had Tezos surging approximately 3.14%. While publishing this blog, the alt traded near $1.95, up from the day’s opening of around $1.87. The leg up emerged as the overall crypto space saw bearish tendencies. Meanwhile, XTZ traded inside the $1.87 – $2.02 range over the past day. The token’s overall market cap stands at $1.7 billion, raking 35 in the cryptocurrency list by value.

24-Hour Timeframe: Bulls Push Tezos Higher Following Consolidation

According to the daily chart, XTZ has consolidated within the past couple of days. XTZ/USD kept its price movements within the $1.87 – $1.95 before today’s upside breakout. The digital token trades near $2, a crucial resistance zone.

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The latest price action printed a bullish pennant setup – a continuation pattern. Meanwhile, the breakout past this pattern came with more-than-average volume, signaling strength. For now, bulls eye the crucial resistance at $2.1.

The Stochastic Relative Strength Index stays within the overbought territory, but that doesn’t suggest an imminent correction for the altcoin. Bulls dominate the market and might push XTZ higher in the short term. Also, the Moving Average Convergence Divergence gains momentum in the bullish territory.

For now, Tezos faces resistance near the $2.1 value area. Enthusiasts should watch this level as a move past the obstacle will open the path to explore $3 in the short term. On the other hand, the reliable support sits at $1.95, the bullish pennant setup’s breakout level. Losing this footing would see XTZ retracing towards $1.87.

Further Technical Indications & Latest Developments

The 4hr chart shows XTZ traversing a bullish pennant setup, targeting the $2.1 high. Tezos trades within the $1.87 – $2.02 and created higher lows and higher highs – a bullish signal. The 50-day MA provides support, whereas the MACD gains strength in the bullish region.

The market volatility remains somewhat low, signaling a maturing market as the ATR indicator show. Bollinger bands are expanding, confirming an impending breakout.

Stay around for more crypto updates.

Editorial credit: Piotr Swat / shutterstock.com

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