Tezos price analysis reveals over the past few days Tezos prices have been relatively uneventful as the digital asset remains locked in a sideways range. The XTZ/USD pair is currently trading at the $2.50 level, which is around the middle of the range. The digital asset has found some short-term support at the $2.40 level, but it has so far failed to break above the $2.60 resistance.
The XTZ/USD pair is currently trading at a key junction and a breakout from either side of the range could set the tone for the next move. The digital asset remains well supported on the downside and a move below the $2.40 level could see it test the $2.20 support. However, a breakout and close above the $2.60 resistance could see XTZ/USD target the $3.00 level.
Tezos price analysis on a 1-day price chart: Bears and bulls battle for control
On the 1-day chart, we can see that the XTZ/USD pair has been trapped in a sideways range over the past few days. The digital asset failed to break below the $2.40 support and has so far been rejected at the $2.60 resistance. The RSI indicator is currently trading at 54, which suggests that the market is neither overbought nor oversold. The MACD indicator is currently in a bullish stance as the signal line is above the histogram.
Tezos price analysis indicates XTZ prices have been oscillating between a range of $2.41 to $2.56 before the prices settled at the $2.50 mark. The trading volume has seen a decrease of 26 percent so far which is now totaling $107,261,839.92.The market capitalization for Tezos is now at $2.2 billion as it ranks at position 41 overall.
The Bollinger bands in the 1-day price chart have shown some expansion which indicates that the prices might face some volatility in the market. The Fibonacci retracement levels drawn from the $2.41 low to $2.56 high show the immediate support at 23.6 percent Fibonacci level near $2.49 followed by 38.2 percent Fibonacci level near $2.45.
Tezos price analysis on a 4-hour price chart: Upside momentum gathers pace
On the 4-hour chart, we can see that the XTZ/USD pair has been trading in a bullish manner over the past few days. The digital asset rejected the $2.40 support and has now surged higher to trade at the $2.50 level. The prices are trading along with the ascending channel and a break above the $2.60 resistance could see it target the $2.80 level.
The RSI indicator is currently trading at 63, which suggests that the market is in the bullish territory while the MACD line is above the signal line, which is further reaffirming the bullish bias. A break above the $2.60 level could see XTZ/USD target the $2.80 level while a move below the $2.40 level could see it retest the $2.20 support.
The market volatility in the 4-hour price chart is seen decreasing as the Bollinger bands have started to narrow down. The prices are currently trading near the middle line of the Bollinger bands which suggests that we might see a breakout in either direction.
Tezos price analysis conclusion: XTZ prices have a slightly bullish bias
From the above analysis, it can be concluded that Tezos prices have a slight bullish bias. The digital asset is currently trading at a key junction and a breakout from either side of the range could set the tone for the next move. A break below the $2.40 level could see Tezos prices test the $2.20 support while a move above the $2.60 resistance could see it target the $2.80 level.
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Source: https://www.cryptopolitan.com/tezos-price-analysis-2022-05-07/