Tezos Chart Analysis: XRZ/USD Focused On Breaking Range Resistance As $3.0 Draws Nigh

John Isige Price Analysis PublishedMay 29, 2020 | ModifiedMay 29, 2020

tezos gains all-time high
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Tezos Chart Analysis: XRZ/USD Focused On Breaking Range Resistance As $3.0 Draws Nigh

  • Tezos targets the range resistance at $3.00 after bouncing upwards from $2.50.
  • Tezos could follow Bitcoin’s surge to $10,000 in order to bring down resistances at $3.00 and $3.50.

Tezos is among the best-performing cryptocurrencies in the market on Friday. However, it still trails Cardano (ADA) with its over 17% growth in the last 24 hours. XTZ/USD is trading at $2.86% after adding more than 6% to its value on the day. Holding the bullish momentum in place is the trendline support and the range support limit.

On the upside, the main target is to break the resistance at $3.00 (range resistance limit. The bullish mojo has made it apparent that further gains are imminent. Looking at the Relative Strength Index (RSI) we can tell that buyers are confident in the recovery trend. If the up-trending RSI reclaims the position in the oversold, the potential to step above $3.00 would increase massively.

However, it essential to note that if the price stalls at $3.00, XTZ/USD would embark on a reversal likely to test $2.50 and $2.00. On the brighter side, the 50 SMA keeps expanding the gap above the longer-term 100 SMA in the daily range. This shows that buyers would continue to gain traction against the bulls ahead of the weekend session.

XTZ/USD daily chart

XTZ/USD price chart
XTZ/USD price chart by Tradingview

General sentiments in the market are bullish especially after Bitcoin made it to levels above $9,600. Most investors anticipate Bitcoin to close the month of May above $10,000. In so doing, the rest of the major cryptocurrencies, including Tezos would react upwards not only stepping past $30.00 but also testing the critical $3.50.

Tezos Intraday Levels

Spot rate: $2.86

Relative change: 0.0380

Percentage change: 1.42%

Trend: Bullish

Volatility: Growing


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John Isige 852 Articles
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