Tezos (XTZ) Price Keeps eye on $4.00 Above 50 DMA

By Rekha chauhan
February 4, 2022 Updated February 4, 2022
Best In

Earn

Telegram

Tezos, Decentraland and Vechain Price Analysis: These De-fi Coins Are Up More Than 6%

Tezos (XTZ) price records gain on Thursday following the previous five day’s upside momentum. Tezos is facing a double whammy near the inflection point at $3.97. Investors can expect Tezos to take a U-turn after a successful bounce off this barrier.

  • Tezos’s (XTZ) price rises 3% in today’s session.
  • The price remains pressured near the bearish slopping line from ATH made in October.
  • A breakout above $4.00 will empower bulls to push prices higher.

Tezos awaits a U-turn on the daily chart

Tezos price has been on a continuous downtrend after making ATH at $7.8 on October 8. Tezos has risen up 12% since the beginning of February. The price bounced off from the demand zone around $2.71.

Source: Trading view

The descending trend line from the mentioned level acts as a strong resistance level with multiple rejections. Thus, to make a U-turn it is very essential to cross above the bearish sloping line.

Furthermore, it will also coincide with the break of 50 DMA that would indicate the bulls are gathering strength to make the next leg up.

The Daily Relative Strength Index (RSI) trades at 52, which is supporting the current upside momentum in the token. The immediate first upside target is placed at a $4.00 psychological level.

Next, investors would march toward the horizontal resistance level at $6.00.

On the flip side, if the price would once again fail to testify the bearish sloping then it could result in a meeting of the $3.00 on the downside.

 

 

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Next Story