Tezos has been quite dramatic in the last 24 hours. The cryptocurrency underwent a drastic price movement within a long-wicked bull candle with which prices tried to conduct a bull attack beyond the $2.7 area. However, selling pressure took turns consequently and drove the price back downwards towards critical points.
Prices met stiff opposition at the $2.8 level where the head of the Bollinger band acted as a major resistance. The long bullish ride which began June 19, 01:30 hours UTC, also ended with the bulls pulling prices downwards vehemently towards the $2.50 price level.
This price action brought about the formation of a bull candle with a body about the size of the upper wick showing alternate buying and selling within a 4-hour timeframe.
Consequently, the bulls are expected to make a run if they manage an escape beyond the midline moving average of the Bollinger band. However, prices seem to be in deep consolidation at the moment while XTZ/USD trades at the lower compartment of the indicator.
XTZ/USD Technical Analysis
On the price chart above, the Resistance Strength Index (RSI) rebounded above the 50.0 RSI level while making way towards the overbought condition at 70.0. The bulls are currently expected to maintain a ride through the $2.70 level ahead of a break above $2.80 (the midline moving average).
However, a fall below this point may drag prices below the critical support at $2.6. Further pull downwards may see prices testing the key support at $2.5 in the near term. Below $2.5, an additional layer of support exists at the $2.42 area.
Also, the present price rise may escort it to $2.8. In the event that a break above the green line moving average occurs, Tezos may be trading at around $2.85 eventually.
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