Tezos Price Analysis: XTZ/USD Rallies 64% From March Low, Breakout To $4.00 Imminent


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Tezos Price Analysis: XTZ/USD Rallies 64% From March Low, Breakout To $4.00 Imminent

  • Tezos price leads recovery after advancing 64% from the mid-March lows around $1.00
  • XTZ/USD is dancing within an ascending channel but consolidation is expected above $2.50 in readiness for a rally to $4.00.

Tezos has made a name for itself the cryptocurrency industry as that crypto that always has the potential to rise up after a massive drop such as the one that took place in March. From the 2020 high at $3.95 in February to a low barely holding above $1.00, XTZ/USD remains relentless in the quest to high levels above $4.00. At the time of writing, the digital asset is trading at $2.76, which represents a 64% growth from the mid-March levels.

The recovery over the weekend, only extended the bullish action recorded last week. Tezos buyers had $3.00 in sight but the momentum stalled short at $2.90, leaving $3.00 untested and unconquered.

Tezos price is trading above the moving averages whereby the 50-day SMA is currently in line to offer support at $1.92 and the 200-day SMA at $1.72. Looking at other technical indicators such as the RSI, Tezos has started to fall into the hands of the bears.

For instance, the RSI is retreating from the overbought region. However, as long as bullish interest remains among the investors and the community, Tezos is likely to contain the reversal above o$2.50 support. Consolidation, above this support area will be the stepping stone for gains past $3.00 and allow the focus to remain at $4.00.

XTZ/USD daily chart

BTC/USD price chart
BTC/USD price chart by Tradingview

Tezos Key Intraday Levels

Spot rate: $2.76

Relative change: -0.0048

Percentage change: -0.26%

Trend: Bearish

 

Author: John Isige
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
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John Isige 763 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
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