XTZ Bulls Aims For $2.0 Amid Sustained Buying Pressure


Published 56 mins ago

Tezos’s (XTZ) price analysis shows the bullish outlook on the coin. The price is currently testing the resistance level near $1.85. The XTZ/USD pair is exchanging hands at $1.85, a gain of $5.65%. The current price action indicates the trend is bullish, and prices are expected to rise toward the $2.0 psychological level in the short term.

Tezos price analysis tells that the current rebound is gaining strength and the bulls are in control of the price. The market is expected to move higher as the bulls are gaining strength.

Tezos price gains for the second straight day on Thursday.
A decisive close above $1.85 would bring fresh buying in the token.
The key support level is placed near $1.70 on the daily chart.


XTZ price shows bullish momentum

Source: Trading view

XTZ price is trading in a rising wedge formation, making higher highs and higher lows, but faces resistance near the higher levels around $1.848.The price is near the highs of June 11. The volumes are also below average indicating that the price might move in a sideways manner.

The daily chart shows that XTZ’s price faces a substantial resistance hurdle around $1.848.The price is trading in a rising “ Channel Pattern” forming higher highs and higher lows on daily basis. But, with every move on higher levels, volumes are dropping consecutively, indicating selling pressure on a higher level. 

However, the formation of a strong green candlestick indicates the comeback of the bulls near the lower levels. The price could move higher to touch the psychological $2.0 level amid sustained buying.

On the other hand, if the price breaks below $1.67, which is also a support of a 50-day exponential moving average with good volumes then we can expect a good to bearish momentum up to the lows from $1.48 to $1.40.

Source: Trading view

On the four-hourly time frame, the price is forming a bullish “Flag & Pole Pattern”, without any volumes at all, indicating some big moves are about to happen in near future. According to this pattern, the XTZ price can go up to $2.01, if the price breaks above $1.85.

On the other hand, a break below the $1.67 level could invalidate the bullish outlook.

XTZ is slightly bullish on all time frames. Above $1.85, we can put a trade on the Buy side. The 24-hour trading volume surges more than 80% to $66,405,526.

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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