Tezos price analysis: Bullish spell drives XTZ prices to $4.03

TL;DR Breakdown

• Tezos price analysis is slightly bullish for the week ahead
• XTZ prices have seen resistance at $4.06
• Tezos price has increased by 8.65 percent

Today Tezos price analysis shows a firm bullish sentiment in the market as Tezos prices have surged by 8.65 percent, trading at $4.03. The altcoin has seen resistance at the $4.06 handle, however, bulls seem to be in control as of now.A major reason for the bullish spell can be attributed to the news of Coinbase adding support for Tezos. Tezos prices have been hovering around a range of $3.63 and $4.06,with a trading volume of $194,667,244.57.

XTZ/USD 1-day price chart: Bulls continue to dominate as Tezos price nears $4.06

The Relative Strength Index (RSI) in Tezos price analysis shows that the market is in the overbought region, however, it doesn’t suggest a reversal.The next resistance level for XTZ lies at $4.06 and as can be seen, the bulls are trying to break above it. A breakout could see prices surge higher, however, a reversal could take place if the bears manage to take control.

Looking at the indicators, the parabolic SAR indicator is in the bullish zone which suggest that the market is headed to break higher in the next few hours.The Bollinger bands are also expanding, which points to an increase in volatility.

The MACD is also in bullish territory and is showing signs of a strong uptrend. This indicates that the bulls are in control and prices could potentially see further upside in the near future. Given the current market conditions, it appears that the bullish sentiment will continue to drive prices higher. XTZ could potentially break past the $4.06 resistance and surge even higher.

Tezos price action on a 4-hour price chart: XTZ prices ready to break the next key resistance at $4.25

Tezos price analysis on a 4-hours price chart shows that XTZ prices opened the daily trading chart trading as high as $4.10. The market quickly retraced to the $4.06 level, establishing this as a new key resistance level. A break above could see XTZ prices testing the $4.25 handle in the near future.

The SMA 50 is still above the SMA 200 and the MACD is trending bullish, although it has flattened out in recent trading sessions. This could be an early indication that the market may be reaching a near-term peak and a pullback could be seen in the days ahead.

The RSI is hovering around the 50 mark, showing that there is neither bullish nor bearish sentiment in the market. The MACD is exhibiting a cross formation and is slowly making its way towards the 0 lines, indicating that a trend reversal could be inbound.

If XTZ prices can break past the $4.06 resistance, it could establish bullish momentum and see prices surge higher to test the $4.25 handle. However, if the bulls fail to break past the resistance, XTZ could potentially retrace back to the $4.00 level.

Tezos price analysis conclusion

Tezos price analysis for today is bullish, with the altcoin seeing prices surge by 8.65 percent and trading at $4.03.Bulls have put more pressure as an increased buying pressure has been seen. However, if XTZ prices fail to break past the resistance, a retracement to the $4.00 level could ensue.

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