Tezos price analysis indicates the prices are currently at a critical juncture and a breakout is imminent. Bulls are striving to keep prices afloat around $1.89 as a minor bullish trend takes shape. The post-halving Tezos market has been very exciting, to say the least. After a brief period of consolidation, prices have started to move higher once again. XTZ prices are up by only 0.02 percent in the last 24 hours and are currently trading at $1.89. The trading volume for XTZ prices is currently at $47,728,411.09 while the market cap value is $1,693,120,793.67.
The current consolidative phase has been going on for the past three days and XTZ prices are now trading in a tight range between $1.80 and $1.89. The bulls have so far managed to defend the $1.80 support level and are now aiming for a breakout above the $1.89 resistance. A successful breakout would open the door for a move towards $2.00.The bulls are currently in control of the market and the path of least resistance is to the upside. However, the bulls need to be wary of a possible bearish reversal if they fail to push prices above $1.89 in the near term.
XTZ/USD price analysis: Technical analysis
Tezos price analysis indicates XZT prices have been oscillating around the $1.8-$2 range for the past few days(daily timeframe). The 50-day moving average has provided some support to prices and the bulls are currently attempting to push prices above the $1.89 resistance. A successful breakout would confirm a bullish trend reversal and could lead to a move towards $2.10 in the near term.
The Relative Strength Index(RSI) is currently at 46.77 and is indicating that XTZ prices are currently in the neutral zone. The market sentiment is likely to face some selling pressure if prices fail to break out above $1.89 in the near term.
The current market conditions are favorable for a breakout above $1.89. The bulls need to gain enough momentum to push prices above the $1.89 resistance in order to confirm a bullish trend reversal. The MACD line is currently on the verge of a bullish crossover and a successful breakout could lead to a move towards $2.10 in the near term.
The histograms on the daily chart are seen to be slowly gaining momentum and are currently in the green zone. This indicates that the bulls are slowly gaining control of the market. The Bollinger bands are seen to be neutral and are not giving any clear trading signals at the moment indicating the market volatility is low.
Tezos price analysis on a 4-hour price chart: XTZ trades in a descending triangle
The 4-hour Tezos price analysis shows the XTZ/USD prices have been trading in a descending triangle pattern since the start of June. The descending triangle is a bearish reversal pattern and is formed when the price makes lower highs and lower lows.
XTZ prices are currently trading at the $1.89 level and are facing resistance at the $1.92 level. The descending triangle pattern has a bearish breakout target of $1.80 which is also the support level for XTZ prices.
The Relative Strength Index(RSI) is currently at 48.44 and is indicating that prices are in the neutral zone as of now. The MACD indicator is seen to be in the bearish zone and is giving a sell signal.
Tezos price analysis conclusion
Tezos prices are currently consolidating around $1.89 as the bulls aim for a breakout above $4.50.A successful breakout would confirm a bullish trend reversal and could lead to a move towards $2.10 in the near term. The current market conditions are favorable for a breakout and the bulls need to gain enough momentum to push prices above $1.92.
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Source: https://www.cryptopolitan.com/tezos-price-analysis-2022-06-04/