Tether Gold Price Analysis: Can bears stop the bulls from continuing their uptrend?

Token has shown bullish actions in previous sessions.
XAUT is trading above the 50 and 200 EMA on a daily time frame.

Tether Gold (XAUT) prices have formed higher highs and lower lows, indicating a strong bullish trend. With strong volume, XAUT breaks over the resistance level, and a bullish crossover occurs on the daily time frame.

XAUT bulls drive the price higher

According to the daily chart, XAUT is currently trading at $1886 and has gained 0.62% in the last 24 hours. It is currently trading above its key Moving Averages which are 50 EMA and 200 EMA. (Red line is 50 EMA and the blue line is 200 EMA). Bullish cross has occurred, which occurs when the 50 EMA crosses the 200 EMA on the daily time frame. XAUT has crossed the $1876 resistance level, and if it stays above this level, the bullish trend will continue.

Relative Strength Index: The asset’s RSI curve is currently trading at 73.13, indicating that it is in a strong overbought zone. The RSI curve has crossed over the 14 SMA, indicating that the market is bullish. As the bullish trend continues, the RSI will remain in the overbought zone. The recent bullish momentum has caused the value of the RSI curve to rise even more.

Analyst view & Expectations

The token’s long-term downtrend came to an end, and bulls took the charge, driving the token’s price higher. If the token remains above the resistance level, the trend will continue, with investors boosting their returns. New investors who want to buy can take trade once it gives closing above the resistance level of $1876 on the daily time frame, with a target of $1983. Intraday traders, on the other hand, have a good opportunity to go long and can book profits based on their risk to reward ratio.

According to our current XAUT price prediction, the price of XAUT will rise by 5.02 and hit $1983 by next few days. Our technical indicators indicate that the current sentiment is bullish, with the Fear & Greed Index reading 30. (Fear). According to our XAUT forecast, now is the moment to buy XAUT.

Technical Levels

Major support: $1791

Major resistance: $1983

Conclusion

Bulls are currently in command of the trend, and XAUT is trading above the daily resistance level. According to the price action, XAUT is forming a bullish chart pattern. Investors may now enter the market and take trade, and intraday traders can profit as well.

Disclaimer: The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing