XTZ/USD to break past the $5 resistance level soon

TL;DR Breakdown

• The Tezos price analysis is bullish.
• XTZ/USD is presently at $4.4.
• Technicals are bullish for XTZ.

According to the Tezos price analysis, a bullish daily pattern appears to be. The bulls have successfully kept their grip and made significant gains in recent weeks. During the previous twenty-four hours, the price has risen significantly, reaching $4.32 as of now. Buyers were given a boost during the last few hours as the price steadily rose from $4.21 to its current price.

XTZ/USD price movement in the last 24 hours: Price moving unboundedly towards its target of $5

The 24-hour Tezos price chart shows encouraging signs of an uptrend. The cryptocurrency has managed to recover from the recent lows of $3.75, marking a 22% increase in its value since then and an impressive 30% increase.

The price action for XTZ/USD shows that the bulls have run into some resistance, placing themselves between $4.38 and top a little above that at $4.44. As per the previous price action, the XTZ/USD pair will likely experience a retracement or sell-off, followed by another bullish wave marking an uptrend with support from the bulls.

Currently, XTZ/USD is valued at $4.32, which marks a 4.62% increase in its value over the past twenty-four hours. The cryptocurrency will need to rise above $4.38 if it has any chance of testing resistance placed just below $5 at $5.31.

It has become evident that Tezos is experiencing another bullish wave as the XTZ/USD pair chart continues to look bullish. Resistance lies at $5, while support lies at $4.21, which are the levels that traders should keep in mind while trading XTZ/USD this week.

The Tezos price analysis shows that sell pressure has not reappeared, indicating a good run for the cryptocurrency over the next few days.

Tezos 4-hour chart: Recent price developments

The Ichimoku Cloud for XTZ/USD shows strong signs of a bullish trend. The cloud has changed color from red to green, indicating a buying opportunity instead of a sell signal. In addition, the lagging line is trending north, indicating a buy. As seen by the Awesome Oscillator, Momentum is also climbing, which shows that more traders are taking long positions rather than short ones.

In spite of the recent gains, XTZ/USD is still far from breaking out of $4.44, which could be seen as an opportunity by the bulls to gain strength before taking another shot at $4.38.

The Bollinger bands tightening of the Bollinger Bands have also shown strength; therefore, traders should be cautious about buying without confirmation. The price is still below the 20-day EMA, so there’s plenty of room to move upwards before XTZ/USD enters a contracting trend which would indicate the beginning of a bearish phase.

The MACD signals that XTZ/USD will likely continue to rise due to its strong bullish momentum. It has flipped from the negative territory into positive, which signals a shift in market bias from the bears to the bulls.

Tezos price analysis: Conclusion

The Tezos price is moving quickly towards the resistance of $5, marking a 30% increase over the past week. The cryptocurrency will likely continue to rise for another few days before encountering further resistance at $4.38, its target goal.

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