Tezos price analysis: XTZ/USD shows bullish potential at $1.78

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Tezos price analysis shows that the XTZ/USD pair is trading in a bullish trend as the market price has surged by over 5% in the last 24-hours. The market price is currently facing resistance at $1.79 however, if it breaks above this level, it could surge to $2. The next level of support is present at $1.68.The Tezos price is currently trading at $1.78.

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Cryptocurrencies heatmap, Source: Coin360

The XTZ/USD pair is currently trading at a critical junction and a breakout from either side of the range could set the tone for the next move. The trading volume has increased over the last 24 hours to retrace to $53,247,346 Therefore, the bulls need to be careful as a bearish move could invalidate the bullish trend, the Tezos price is currently in a breakout zone and a move in either direction could set the tone for the next move. The market cap for the Tezos price is currently at$1,593,378,632.

Tezos price analysis on a 1-day price chart: XTZ/USD bears and bulls battle for control

On the 1-day chart, we can see that the XTZ/USD  pair has been trapped in a sideways range over the past few days. The digital asset failed to break below the $1.68 level of support and bounced back up. The market price is now testing the $1.79 resistance level, which it has failed to break above for the past few days.

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XTZ/USD price analysis on 1-day price chart, Source: TradingView

The RSI indicator is currently at 61.2 and is showing no signs of a bearish or bullish divergence. The MACD indicator is also in the bullish zone but is close to the centerline. This indicates that the market is indecisive at the moment and a breakout from the current range could set the tone for the next move. The MA50 and the MA200 are both sloping upwards, indicating that the overall trend is bullish. The Tezos price is currently trading above both these moving averages which is a positive sign.

Tezos price analysis on a 4-hour price chart: Recent developments and further technical indications

On the 4-hour chart, we can see that the XTZ/USD pair has been trading in a bullish manner over the past few days. The digital asset rejected the $1.68 support and has now surged higher to trade at the $1.79 resistance level. The prices are trading along with the ascending channel and a breakout from the current range could set the tone for the next move.

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XTZ/USD on a 4-hour price chart, Source: TradingView

MACD line (blue) is above the signal line (red) indicating a bullish trend. The RSI indicator is currently at 60.8 and is showing no signs of a bearish or bullish divergence, while MA50 (yellow) and MA200 (purple) are both sloping upwards, indicating that the overall trend is bullish.

Tezos price analysis conclusion

In conclusion, Tezos price analysis shows a slightly bullish trend in the market. The digital asset is currently trading at a critical junction and a breakout from either side of the range could set the tone for the next move. The bulls need to be careful as a bearish move could invalidate the bullish trend. However, investors could look to buy on dips as the overall trend is bullish.

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.