Tezos price prediction says a massive upmove in XTZ is possible if buyers succeed in breaking the $1.00 barrier. The chart pattern of the coin showcases that the price is in the recovery phase and buyers are returning to track.
XTZ price formed a strong base near $0.600 and showed a surprising rally of approximately 53% in a short time.
It hits a swing high at $0.962 and tried to regain the $1.00 mark. However, due to the strong presence of sellers, the price faced rejection and witnessed profit booking.
Recently, Tezos crypto price climbed above the 50-day and 200-day EMA and showed signs of a bullish trend reversal. However, after the profit booking, the price retraced back to the EMAs and buyers are struggling to defend it.
XTZ crypto price consolidated for quite a long time in the range between $0.600 to $0.700. In the beginning of November, buyers succeeded in breaking out of the $0.700 hurdle and expanded the range upward.
Therefore, if the price returns to the breakout, then the possibility of getting a bounce remains high. Currently, the XTZ/USDT pair is trading at $0.790 with an intraday rise of $3.13%.
Will Tezos Price Hold the Previous Break Out Level of $0.700?
Tezos price prediction favors the bulls and suggests it may perform well in 2024. The rally shown in October and November looks reliable and sustainable.
So, if the price retested the $0.700 breakout level, then fresh buyers might come forward and grab this opportunity to build fresh longs.
XTZ price corrected 20% approx. from the recent swing high. So, the profit booking may end soon and investors may see a sharp bounce.
On the higher side, $0.964 will act as an immediate hurdle for the bulls. If buyers win the battle and take out $0.964, then the next phase of the rally may trigger.
Will XTZ Price Turn Bullish on the Weekly Chart?
XTZ price is forming a bearish candle on the weekly time frame chart. Buyers need to break out of the $0.964 hurdle to turn the price bullish on a weekly chart.
The 50-week EMA slopes down may also act as a hurdle. So, it will be difficult for the bulls to regain $1.00 and sustain.
The RSI at 46 slopes upward denotes bulls are active and RSI may reach the neutral territory in upcoming sessions.
The MACD reverses down and displaying a red histogram bars indicates prices lost the momentum. However, the supertrend still favors the bulls and indicates the short term trend is up.
Conclusion
Tezos price prediction says the rally in XTZ has just begun and after minor retracement, bulls will show a bounce. The analysis suggests that XTZ crypto will regain $1.00 in 2024 and may show a significant rise in its value.
Technical Levels
- Resistance Levels: $0.964 and $1.191
- Support Levels: $0.700 and $0.618
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
Source: https://www.thecoinrepublic.com/2023/11/22/tezos-price-prediction-will-1-breakout-trigger-rally-in-xtz/