The price of Tezos increased today as more was gradually extracted overnight. As a result, we expect XTZ/USD to continue to advance and test the $7.50 level soon.
According to price analysis, the price of Tezos continues to show a strong upward momentum. The 4-day and 1-month charts show that XTZ/USD rose above USD 7.00 and USD 8.00 yesterday, which is bullish momentum. We can also see that the price is now trading at $6.74 and $7.49 for the 20-day and 50-day exponential moving averages (EMAs) respectively.
Tezos Price Movement Over The Last 24 Hours: Tezos bounced off the $6.75 support and further to $7.50
As a result, we can see that XTZ/USD is more bullish today than yesterday as it managed to break above the key resistance levels of USD 7.00 and USD 8.00 (which were significant levels) yesterday. Additionally, the price of Tezos surged above both EMAs, trading at a high of $7.43 today before dropping to $6.74 currently (at the time of writing).
Tezos price analysis: XTZ / USD daily chart
XTZ/USD is currently trading at $6.74 having gained 4.19% in the last 24 hours alone. On a larger scale, the situation is completely the opposite of yesterday’s trend, as XTZ/USD dropped from $6.94 to a low of $6.75 in the full 24 hours, a drop of 1.52%.
Keep in mind, however, that XTZ/USD is gradually rising over the course of the week – it could only rise significantly today.
XTZ/USD’s 4-hour chart tells a similar story, with the price trading at $6.69, having gained 9.26% in the last 24 hours (meaning it’s up from $6.47 the price is currently up). Moreover, we can see that XTZ/USD was trading above the 20-day EMA yesterday, which is a bullish sign for XTZ/USD.
XTZ/USD 4-hour chart: XTZ is trading in a tight range
The price of Tezos has been trading in a range for the past few days. The XTZ/USD pair has been stuck in a downtrend since April 14, when it fell more than 60% from its all-time high of $9 to $5.50.
On the daily chart we can see that the price of Tezos found support above $6.75 yesterday; As a result, XTZ/USD is gaining momentum and is approaching resistance at USD 7.50. We note that the price found resistance at $7.60 today but managed to move above it before weakening again.
Over the past few days, the price of Tezos has been rising steadily, with bulls anticipating a test of the $7.50 resistance. Thus, further growth is expected. However, this weekend we could see additional downward pressure from the resistance.
Tezos price analysis: conclusion
The daily outlook for Thessos is bullish. XTZ/USD gained momentum overnight as it is likely to continue advancing to test the $7.50 level soon. Be careful – the introduction of Dapps and their trading volume is a key factor in stimulating price movements in the crypto market.