Tezos price analysis is bullish, with the XTZ/USD pair rising to the $2.13 level. However, the digital asset is facing resistance at this point and may pull back to test support at $1.96. The price action recently created a bullish engulfing candlestick pattern, which indicates that the bears are losing control. Currently, the price is just below the channel’s upper boundary at $2.19. A breakout above this level could see Tezos target the next resistance level at $2.63. On the other hand, a failure to move past $2.19 may see the price pull back to test support at $1.96.
The trading volume has increased over the last 24 hours to retrace to $81,365,664 Therefore, the bulls need to be careful as a bearish move could invalidate the bullish trend, the Tezos price is currently in a breakout zone and a move in either direction could set the tone for the next move. The market cap for the Tezos price is currently at $1,911,476,583.
XTZ/USD 1-day price chart: Bulls continue to dominate as Tezos price nears $2.13
On the 1-day Tezos price analysis chart, we can see that the price is currently in a breakout zone between $2.19 and $1.96. A move in either direction could set the tone for the next move. The bulls have been in control for the last 24-hours as they push the Tezos price up to $2.13.
The Simple moving averages are currently in a bullish crossover, with the 50-day simple moving average (SMA) rising above the 200-day SMA. This indicates that the path of least resistance is to the upside and that the bulls are in control of the market. The MACD is also in bullish territory and is rising, indicating that the bulls have the momentum to push the price higher.
The RSI is currently at 68 and is rising, indicating that the Tezos price is in bullish territory. However, it is approaching overbought levels, which could see the bulls take a break and allow the bears to take control of the market.
Tezos price action on a 4-hour price chart: XTZ prices are ready to break the next key resistance at $2.19
On the 4-hour Tezos price analysis chart, we can see that Tezos price is currently in a bullish trend. The prices are trading along with the ascending channel and a breakout from the current range could set the tone for the next move. on the 4-hour price chart, the buyers are currently in control as the prices are trading above the moving averages.
The MACD inline blue is above the signal line in red, indicating that the bulls have the momentum to push the prices higher. The RSI is currently moving in the overbought region, which indicates that the prices are due for a correction. The 50 SMA is currently providing support at $1.96, and a move below this level could see the prices retrace to test the next support level at $1.78. XTZ/USD bulls need to break the resistance at $2.19 to push the prices higher. A failure to do so could see the prices to fall back to test
Tezos price analysis conclusion
From the technical analysis above, it can be concluded that the Tezos price is currently in a bullish trend. The bulls have the momentum to push the prices higher and a breakout from the current range could see the prices target the next resistance level at $2.19. However, the RSI is currently in overbought territory and a correction cannot be ruled out. Bulls have put more pressure as an increased buying pressure has been seen.
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Source: https://www.cryptopolitan.com/tezos-price-analysis-2022-05-30-2/