At press time, Tezos ranked 12th on CMC with a market cap of $1.7 billion. Priced at $2.34, it saw a 2.60% surge in the last day and from the looks of technical indicators, more is yet to come.
Tezos Four-Hour Chart
From the above chart, it can be seen that XTZ has been on a downtrend since mid-June, especially after the small rally on June 24. The downtrend persists to date; however, considering today’s pump and the way RSI is set up, the downtrend may be short-lived.
The price has tested resistance at $2.43 thrice over 3 days, however, failed every single time. As the price surges slowly, it will retest this level once more. Perhaps, this attempt will yield a different outcome.
The reason for this bullishness is due to the price forming a lower low while RSI forms a higher high, which is a hidden bullish divergence. Additionally, the recent drop in its price tested 200 DMA [purple], which is a bullish sign. RSI’s bounce at 56 and a subsequent retracement can be a sign of trouble, however, considering the bullish price-RSI set up, the bullish move seems likely.
The first resistance could be at $2.43, which is a 4.13% surge from the current price level. Breaching this level would provide the price a clear path to $2.55, which is a 9.22% surge from $2.33.
The final target, albeit, unlikely, and hard to achieve would be at $2.68, which is a whopping 14.7% surge from the current level. The reason why this is unlikely is that this level coincides with 50-DMA [yellow]. Also, 50 DMA was the level that caused XTZ’s downtrend from $2.86 to $2.24. Overall, the outlook for XTZ is bullish and a surge ranging from 3% to 9% can be expected in the coming week.
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