Tezos
TEZOS Coin Price Analysis: XTZ has given a breakout of a long term supply zone
- Tezos coin was trading in a downward parallel channel for the past couple of weeks.
- The coin is in an accumulation phase and can halt at current levels before moving upwards again.
- The pair of XTZ/BTC is trading at 0.00010110 with an increase of 0.92% in the market cap of the digital asset over the past 24 hours.
XTZ Coin price was trading downward parallel over the last trading weeks. The coin was forming lower lows and lower highs on daily charts. After facing continuous rejection of the upper trendline at $4.403, it recently gave a breakout of it. The coin has stormed past the 20 EMA and 50 EMA and is trading above it. Despite the breakout of the downward sloping trendline, the coin is yet to give a breakout from 100 EMA, and thus it can face rejection going upwards. The coin is trading along with the upper band of the Bollinger band indicator as it seems the XTZ coin after the breakout was halting for a while and now is in the accumulation phase. If the bulls can sustain at the current price, then the coin can be seen reaching a short term supply zone of $5.01.Volumes have increased during the breakout phase, validating the breakout.
XTZ Coin price is getting bullish signs of MACD and ADX
XTZ Coin price is above resistance after giving breakout, and it looks ready for a big up move as the MACD, and RSI suggests.
Moving Average Convergence Divergence (Bullish): MACD indicates a bullish trend on the daily chart as it gave a positive crossover. The buyer’s signal line(blue) crossed the seller’s line (orange) on the upside, indicating a possible up move after the breakout at the short term supply zone of $5.3.The coin is in the accumulation phase. The MACD can bounce back after touching the orange line. If this happens, the breakout will validate, and investors can look for long positions.
Average Directional Movement Index: ADX traded above 30 during the breakout showing bullish momentum. As the XTZ coin price is resting above $4.48 levels, the ADX dipped a little. As of now, the ADX curve has turned upward, indicating bullishness in the price of the underlying digital asset.
XTZ Coin Price is trading in a parallel channel on a weekly time frame
XTZ Coin Price has been moving in an upward parallel channel for the past trading weeks. The coin is making higher high and high low formations. After taking support at the long-term demand zone of $3.0, the coin bounced back and is now moving up.
Relative Strength Indicator: RSI is trading at 48.96, and recently the RSI Curve has given a positive crossover of 20 SMA. Despite the crossover of 20 SMA, the RSI curve is yet to cross the halfway mark of 50. Once the curve crosses the 50 halfway mark, it will help the coin move faster and achieve new highs.
CONCLUSION:
The Token shows strength on various time frames, and the technical parameters suggest the same. As the Token moves up, it can face a rejection of $9.09, and if it breaks that price level, the coin can make a new high. As per the price action, the coin has formed a big green candle at the support zone on a daily as well as weekly timeframe. Thus, investors can plan for the longs as the short term resistance of $5.17 is crossed.
SUPPORT: $2.8 and $3.0
RESISTANCE: $5.1 and $9.09
Disclaimer:
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
