- Tezos impressive 16.2% increase in value is unmatched among the top twenty cryptocurrencies.
- The 50 SMA gap above the 100 SMA is cementing the bull’s position on the market.
Tezos is taking advantage of the ongoing bullish momentum across the cryptocurrency market to break away from altcoin park. The digital asset currently holds the 15 positions with a market cap of $967 million. The impressive 16.2% increase in value is unmatched among the top twenty cryptocurrencies. The other market leaders lagging behind Tezos include Bitcoin (BTC), Bitcoin SV (BSV) and Monero (XMR).
The one-hour chart shows XTZ still flying the bullish flag high above the cryptocurrency horizon. This marvelous performance comes barely a week after Tezos was supported in the leading cryptocurrency exchange in the United States, Coinbase. The legs from the well-anchored primary support area between $1.00 and $1.10 are holding strong. Besides, the support on Coinbase stirred the price into a higher range between $1.2 and $1.2.
The gains in the last 24 hours further strengthened the uptrend boosting Tezos above $1.4. An intraday high has been formed at $1.4657. However, $1.5 resistance level remains unconquered.
Tezos Technical Picture – XTZ/USD 1-hour chart
The hourly chart clearly shows that Tezos bulls are in control. The 50 Simple Moving Average (SMA) has continued to provide support from the primary support area. Reversal from the current highs is likely to bounce off the 50 SMA. Moreover, the 50 SMA gap above the 100 SMA is cementing the bull’s position on the market. In addition to the above support areas, XTZ/USD will find support at $1.0 and the primary support.
The Moving Average Convergence Divergence (MACD) is moving higher within the positive territory. Besides, the signal is almost back to the levels seen earlier this week. Its current horizontal trend points XTZ in a sideways trading direction.
Tezos Key Technical Levels
Support Areas: $1.200 and $1.00.
Resistance Areas: $1.500 and $1.600
Moving Averages: Increasing 5 SMA gap above the 100 SMA cement buyers’ presence.
MACD: Horizontal at +0.0400 suggests incoming sideways trading.
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John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige