Tezos Price Analysis: Why XTZ/USD Pullback Will Relaunch Attack on $3.5?

By John Isige
Published February 12, 2020 Updated February 12, 2020
Best Buy In

Exchanges

Sportsbook

Wallet

tezos gains all-time high
Image Source: Shutterstock

Tezos Price Analysis: Why XTZ/USD Pullback Will Relaunch Attack on $3.5?

By John Isige
Published February 12, 2020 Updated February 12, 2020
  • Tezos price rockets to new yearly highs at $3.44.
  • Tezos must find support above $3.0 to allow the bulls to focus on achieving new highs above $3.50.

Tezos continues to fly the bullish flag pattern above the cryptocurrency horizon. In the last couple of months, Tezos has been able to close consecutive weeks with impressive gains. Besides, new yearly highs have been posted week after week.

advertisement

In the last 24 hours, Tezos has advanced greatly growing more than 23%. Tezos managed to clear the resistance at $3.0. The move opened the door for more gains towards $3.5. However, the momentum lost momentum, forming a high at $3.44.

XTZ/USD daily chart

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

Tezos has corrected to $3.24 (market value) at the time of writing. In spite, of the adjustment, the Relative Strength Index (RSI) is still trending upwards. Therefore, Tezos could hold on the gains a while longer.

If support is established above $3.0, the bulls will have the time to focus on higher levels ranging from $3.50 towards $4.0. As long as the gap between the 50-day SMA and the 200-day SMA continues to widen, the buyers’ confidence will not waver.

XTZ/USD daily chart

Spot rate: $3.26

Relative change: 0.3328

Percentage change: 11.37%

Trend: Bullish

Volatility: High

Support: $3.20 and $2.80

advertisement
Disclaimer
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.
About Author
John Isige
1106 Articles
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

Loading Next Story