Tezos price analysis is bullish, with the XTZ/USD pair rising to $1.48. However, the digital asset is currently facing resistance at this level and may fall to $1.44 if the bulls fail to sustain the upward momentum.
The pair is currently trading at $1.47 and is up by 1.65% in the last few hours. The digital asset had earlier broken out of this pattern to the upside and is currently retesting the resistance at $1.48. If buyers can push prices above this level, Tezos might rise to $1.50. On the downside, the first support level is present at $1.44. This is followed by the $1.42 level. If the bears push prices below these levels, Tezos might fall to $1.40.
XTZ/USD 1-day price chart: Bulls continue to dominate as Tezos price nears $1.47
On the 1-day Tezos price analysis chart, we can see that the price is currently in a breakout zone between $1.48 and $1.44. 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 $1.47.
The Bollinger’s band’s upper limit is $1.48 which is the strongest resistance for the bulls while the lower limit at $1.42 is the immediate support level. The MACD shows continued bullish momentum as the MACD line (blue) is above the signal line.
The RSI indicator is currently at 65 and is rising gradually. This indicates that the bulls have the momentum to push prices higher in the short term. However, if the RSI falls below 60, it would signal a weakness in the bullish momentum.
XTZ/USD 4-hour price chart: Upside momentum gathers pace
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.
Tezos price analysis shows the Relative Strength Index (RSI) to be 58 .17 indicating a neutral zone. The 4-hour MACD indicator is appearing to be moving under the MACD line which is a bullish sign. Both Bollinger bands might see an expansion as the price action increases in the market.
Tezos price analysis conclusion
From the technical analysis above, it can be concluded that the Tezos price analysis 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 $1.50. Bulls have put more pressure as an increased buying pressure has been seen.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Source: https://www.cryptopolitan.com/tezos-price-analysis-2022-08-28/