Tezos price analysis shows that the XTZ/USD pair is currently in a bullish trend. The pair has formed higher highs and higher lows, indicating that the bulls control the market. The price is now facing resistance at the $1.77 level. If the bulls can break this resistance, they will likely target the $2.00 level. while support for the pair is at $1.61, which is the previous low, a break below this level could signal a bearish trend reversal.
The XTZ/USD pair is currently trading at a critical junction and a break of either the $1.77 resistance or the $1.61 support could signal a trend reversal. The digital asset is up by 5.57 percent over the past 24-hour period and is currently trading at $1.72.
Tezos price analysis on a 4-hour price chart: Upside momentum gathers pace
Looking at the hourly chart for Tezos price analysis, we can see that the price has formed an ascending triangle pattern. This is a bullish pattern that forms when the price is trading between two horizontal resistance and support levels. The ascending triangle patterns are considered to be bullish patterns as they indicate that the bulls are in control of the market.
The 50-day exponential moving average (EMA) is currently providing support for the price and the 10-day simple moving average (SMA) has crossed above the 50-day EMA, indicating that the bulls are in control of the market momentum. The Relative Strength Index (RSI) is currently trading at 63.50, which indicates that the market is in a bullish zone. The bulls are in control of the market as the MACDline (blue) is currently above the signal line (red).
XTZ/USD 24-hour price chart: Tezos price is facing rejection at $1.77
The Daily Tezos price analysis shows that the price has been trading between the $1.61 support and the $1.77 resistance for the past few hours. The bears have been trying to push the price below the $1.61 support, but they have been unsuccessful so far. The bulls need to break the $1.77 resistance to resume the uptrend and target the $2.00 level.
On the 24-hour chart, we can see that the Moving average convergence divergence (MACD) is bullish, as the MACD line is currently above the signal line. The Relative Strength Index (RSI) is currently above 50, which indicates that the market is in a bullish zone. The 50 EMA and 10 EMA are both currently providing support for the price.
Tezos price analysis
In conclusion, Tezo’s price analysis shows that the bulls are in control of the market as they have been able to push the price higher after each dip. The investors need to wait for the price to break the $1.77 resistance before entering a long position. The stop loss should be placed below the $1.61 support. The bulls are likely to target the $2.00 level if they can break the $1.77 resistance level. The overall technical indicators are currently signaling a bullish trend.
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Source: https://www.cryptopolitan.com/tezos-price-analysis-2022-07-29/