- With 24.57% increase, Tezos becomes the biggest-gainer amongst top major cryptocurrencies
- XTZ regains the 10th spot on the market cap spot following a significant price surge.
- Bullish sentiment remains strong across the XTZ pairs.
XTZ/USD: XTZ Looking Bullish But Price Rejects At $3.4, Can $3 Hold As Support?
Key Resistance Levels: $3.4, $3.7, $4
Key Support Levels: $3, $2.8, $2.55
XTZ/USD. Source: TradingView
Tezos has continued to go parabolic against the US Dollar since the price bounced back from $1.25 on January 13. This consistent price increase is estimated at 170% gains in four weeks. More so, Tezos is now the 10th biggest cryptocurrency in terms of market cap.
Amongst the top major altcoins, XTZ is currently the best-performing coin with a 24.57% increase over the last 24-hours of trading. Tezos is undergoing a lot of bullish pressure at the moment. After touching $3.4 today, Tezos’s price saw a slight rejection of $3.2.
The market is expected to keep rising once Tezos locates near support. If the price drops below the hourly rising channel, the market may experience a short-term correction.
Tezos Short-Term Price Analysis
Tezos has seen a lot of gains over the past weeks, although the bulls seem to be getting weak on the hourly chart. The last two hours’ rejection around $3.4 might produce a small discount at $3 and $2.8 if XTZ drops in the yellow formed channel. Immediate support is located in the green support area of $2.55, right below the channel.
But if the price manages to hold at $3 support, a quick rebound is expected at $3.7 and $4 in the next upswing, although Tezos still need to reclaim $3.4 to keep its bullish bias.
As suggested on the technical indicators, it appeared that the price might fall soon. The hourly RSI is forming a bearish setup, although waiting for a crossover. Tezoso remains bullish on the MACD, but we can expect a short sell once its moving averages cross downward.
XTZ/BTC: As Tezos Surges, Buyers Continue To Secure Gains Against Bitcoin
XTZ/BTC. Source: TradingView
Tezos’s price has seen a substantial increase over the past days, surpassing the critical resistance of 0.000245SAT level we mentioned in the previous analysis. Tezos is now trading around 0.00032SAT level following a 100% increase over the last 16 days of trading.
Meanwhile, XTZ has gained 18.54% against Bitcoin over the last 24-hours trading. The previous five days surge shows a robust bullish interest in the market, especially breaking above a two-month high of 0.00025SAT level on February 9. However, this bullish move was footed by the inverse-head-and-shoulder pattern on the daily chart.
We should expect Tezos’s bull to secure more gains if they continue to gain control of the market. Otherwise, a correction is likely to come anytime from now.
Tezos Short-Term Price Analysis
Tezos is following a strong bullish sentiment on the daily chart. We can see that the last five days’ price increase was characterized by bullish candles, breaking 0.00025SAT resistance-now-support to 0.000332SAT level at the moment. If the bulls continue to reiterate their actions, XTZ could hit 0.00040SAT resistance level in the next few days.
In the opposite direction, Tezos could retrace if the buyers run out of momentum. In this case, we might need to consider the grey support area of the 0.00025SAT level for a rebound. Though, there’s near support at 0.00030SAT level.
The price of XTZ is overbought on the daily RSI indicator. This suggests a potential bearish, which may come sooner than later. However, the scenario remains bullish on the daily MACD. We should anticipate a drop in price as soon as the indicators swing low.
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