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XTZ Price Exhibits Upward Channel

1 Mins read

Tezos price prediction is showing weakness and taking support on the 200 EMA level. This trend suggests that a bounceback for XTZ crypto towards the expected target of $1.00 is possible. Therefore, buyers are likely to maintain long positions. Tezos crypto is trading above major EMAs, indicating bullish momentum.

Additionally, chart structures based on recent trading sessions shows a bias in favor of buyers. The cryptocurrency has gained momentum and is poised for an uptrend that could reach $1.00. The increased activity and momentum also support the optimistic outlook of market buyers. 

At the time of publication, Tezos crypto was trading at $0.970 with an intraday loss of 0.82%, showing mild bearish sentiment and a positive outlook on the charts for the long term. Additionally, the market capitalization was $936.978 Million.

However, as buying volume increases, the price can create higher highs and new highs to maintain bullish momentum. Therefore, Tezos price is expected to move higher and remain strong on the daily chart.

Tezos Price Prediction: XTZ PriceTechnical Analysis 

Tezos Price Prediction: XTZ Price Exhibits Upward Channel
Source: Tezos.1D.USD by TradingView

Currently, Tezos Crypto (USD: XTZ) is trading above its 50-day and 200-day daily moving averages (DMA), which supports the price momentum. The current RSI value is 49.27 points. The 14 SMA is above the midline at 59.92 points, indicating a bullish trend for Tezos Crypto. The MACD line at 0.032 and the signal line at 0.039 are above the zero line.

There is a bearish crossover on the MACD indicator, which indicates a weakness in the price momentum of the XTZ cryptocurrency.

The current stochastic RSI value is 89.09 points. Tezos crypto’s weekly chart shows buyers are dominating. The cryptocurrency is heading upwards as it approaches the main EMA.

Technical indicators support the bullish sentiment as RSI is close to the oversold zone of 58.19 and MACD has formed a bearish crossover with the green band. These signals indicate that the cryptocurrency could rise sharply in the coming weeks.

Summary

Technical oscillator Tezos (USD: XTZ) supports the bullish trend. MACD, RSI, and EMAs highlight positive signals and suggest that the upward trend in XTZ crypto price may continue. Price action suggests that investors and traders are optimistic daily. Price movements reflect the current optimistic outlook. Nevertheless, investors and traders must wait to be properly prepared for the next step and avoid FOMO.

Technical Levels

Support Level: $0.800

Resistance Level: $1.00

Source

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About author
Harry is a crypto enthusiast and experienced trader with a track record of success. With a deep understanding of blockchain technology, he has analyzed market trends and identified profitable opportunities, resulting in impressive returns. Harry 's expertise lies in developing effective trading strategies that leverage the potential of cryptocurrencies. Through his articles, guides, and educational resources, he shares his insights and knowledge, helping individuals make informed trading decisions. With a keen eye for market patterns, Harry has navigated the volatile crypto landscape with confidence. Stay tuned for valuable perspectives and expert advice from Harry as he contributes to the Ailtra platform.
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