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Tezos (XTZ) Rallies 10% And Indicators Suggest “Liftoff” To $3.6

Tezos’s price gained over 10% and it traded to a new monthly high at $3.308 against the US Dollar. XTZ is trading in a nice uptrend and it seems like it could continue to rise towards $3.500 or even $3.650.

  • XTZ started a steady rise and it settled nicely above the $3.000 resistance against the US dollar.
  • The price traded to a new monthly high at $3.308 and it is currently consolidating gains.
  • There is a major bullish trend line forming with support at $3.100 on the 4-hours chart of the XTZ/USD pair (data source from Kraken).
  • The pair is likely to continue higher towards $3.500 as long as it is above $2.700.

Tezos (XTZ) Surges 10+%

In the last technical analysis, we saw a strong increase in XTZ above the $2.500 and $2.700 resistance levels against the US Dollar. Later, there was a short-term downside correction, but the bulls protected losses below $2.700 and 100 simple moving average (4-hours).

A swing low was formed near $2.654 and the price started a fresh rally (similar to LINK). There was a clear break above the $3.000 resistance and the price even broke the last swing high.

Tezos’s price traded to a new monthly high at $3.308 and it is currently consolidating gains. An initial support is near the $3.150. It is close to the 23.6% Fib retracement level of the recent wave from the $2.654 low to $3.308 high.

XTZ price above $3.000. Source: TradingView.com

There is also a major bullish trend line forming with support at $3.100 on the 4-hours chart of the XTZ/USD pair. The main support is near the $3.000 level and the 50% Fib retracement level of the recent wave from the $2.654 low to $3.308 high.

On the upside, the $3.300 level is an immediate resistance. A successful break above the recent high could open the doors for more gains towards the $3.500 and $3.600 levels in the coming days.

Uptrend Support

If XTZ price corrects lower, the bulls are likely to protect the $3.100 and $3.000 support levels. The main uptrend support is near the $2.700 (the previous breakout zone).

A downside break below the $2.700 support level may perhaps initiate a larger decline towards the 100 simple moving average (4-hours).

Technical Indicators

4-hours MACD – The MACD for XTZ/USD is gaining momentum in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for XTZ/USD is currently well above the 70 level.

Major Support Levels – $3.150, $3.100 and $3.000.

Major Resistance Levels – $3.300, $3.500 and $3.600.

Take advantage of the trading opportunities with Plus500

Risk disclaimer: 76.4% of retail CFD accounts lose money.

Credit: Source link

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