Recent Tezos price analysis indicates that the digital asset has gained over 7.71 percent in the last 24 hours and currently trading at $1.66.The XTZ/USD pair is facing strong resistance near the $1.75 level, which is preventing the bulls from pushing the price higher. Tezos opened the daily trading session at $1.48 and quickly rose to the $1.55 level.
The price corrected lower from this level and found support near the $1.50 level. The bulls pushed the price back above the $1.52 and $1.54 levels, but they failed to sustain gains above the $1.55 level.
The broad market sentiment is positive, with most of the major cryptocurrencies in the green. Ethereum gained over 7.99 percent, while Bitcoin surged by 2.99 percent. On the other hand, Litecoin, ADA, and Polkadot were among the few digital assets that posted losses in the last 24 hours.
XTZ/USD 1-day price analysis: Bullish engulfing pattern emerges
Tezos price analysis on a daily chart indicates that XTZ/USD pair is trading inside an ascending channel. The digital asset corrected lower from the $1.60 level and found support near the $1.41 level. The bulls pushed the price back above the $1.50 level and the 50 simple moving average (SMA). Tezos is currently facing resistance near the $1.55 level, above which it could surge towards the $1.60 and $1.62 levels in the short term.
On the downside, if Tezos price fails to climb above the $1.55 level, it could retest the $1.50 support level. A bearish break below the $1.50 support level could lead the price towards the $1.41 and $1.40 levels in the near term.
The technical indicators on the daily chart are however giving weak bullish signals. The RSI for XTZ/USD is currently just below the 60 levels, with a flat structure. The MACD indicator is slowly moving in the bullish zone. Lastly, the Tezos price might find it difficult to climb above $1.60 in the short term.
The Bollinger bands are closing in on each other, which indicates a possible breakout in either direction. The lower band is touching $1.50 while the upper band is touching $1.65 which are acting as the psychological support and resistance levels, respectively.
Tezos price analysis on a 4-hour price chart: Ascending triangle breakout
Tezos price analysis on a 4-hour chart shows that the XTZ/USD pair has formed an ascending triangle pattern with resistance near the $1.55 level. The price of Tezos is currently following a bullish path and is trading above the $1.50 level. It seems like the bulls are preparing for a breakout towards the $1.58 and $1.70 levels in the near term.
On the downside, if Tezos price corrects lower from the current levels, it could find support near the $1.52 and $1.50 levels. Any further losses could lead the price towards the $1.48 level and the ascending triangle support trend line.
The technical indicators are currently giving bullish signals on the 4-hour chart. The RSI for XTZ/USD is currently well above the 60 levels and has more room to rise. The EMA line is also turning bullish, which is a positive sign for the bulls.
The MACD indicator is currently in the bullish zone and is slowly gaining momentum. The MACD is on the verge of crossing the red signal line, which is a positive sign for the bulls.
Tezos price analysis conclusion
Tezos price analysis for today indicates that the XTZ/USD pair is following a bullish path and it could soon rise above the $1.75 level. The digital asset might however find it difficult to rise further higher in the short term as there are multiple resistances present near the $1.70 level. The market sentiment for Tezos is positive as most of the major cryptocurrencies are trading in the green.
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Source: https://www.cryptopolitan.com/tezos-price-analysis-2022-08-10/