XTZ PRICE ANALYSIS: TEZOS LIKELY TO CROSS CRUCIAL RESISTANCE AS BULLS TAKE THE LEAD

•The Tezos price today is $3.61 USD,and the altcoin is up 6.42% in the past 24 hours

 •The trading Volume is down by 7.64% over the past 24 hours

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 •XTZ is showing bullish divergence as MACD and SMA validate the bullish momentum

 SHORT TERM VIEW

Flowing a bearish January, the cryptocurrency market is showing signs of swift recovery once again. The has been a sharp surge in prices and trading volume seen across the market and one such coin that has been at the forefront of the rally is Tezos (XTZ).

The live Tezos price today is $3.61 USD with a 24-hour trading volume of $163,038,980 USD. Tezos is up 6.42% in the last 24 hours. The trading volume is, however, down by 7.64% over the past 24 hours while the Volume to Market Cap ratio stands at 0.05158.

While the coin is trading at a level significantly below it’s all time high of $9.18 on Oct 4 2021, the coin is showing significant bullish momentum for the period that lies ahead. It has crossed the 20 and 50 SMAs which can be interpreted as a bullish signal. The support level of $2.9 and a resistance of $4.1 has been found for the altcoin.

LONG TERM VIEW

The RSI is currently hovering around the 50 handles, at 49.41 indicating that the altcoin is neither overbought or oversold territory at the moment. However, with a notable flip, the RSI is trying to follow an uptrend yet not validated at the press time. This could set the coin up for an uptrend as the coin looks poised to breach the $4 resistance which would really establish the dominance of bulls in this period.

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MACD has recently shown bullish crossover as it crossed the signal line. This shows that the recent rally is showing no signs of slowing down anytime soon. The MACD Histogram which troughed is now beginning to rise ,which is a potential buy signal.

CONCLUSION

Despite the downside volatility ENJ is still showing price strength confirmation at this level. The coin has been steadily rising over the past week with higher highs and higher lows .As a result, we anticipate XTZ/USD to break further higher over the next few days.