Tezos Price Analysis: Why XTZ/USD Pullback Will Relaunch Attack on $3.5?
- Tezos price rockets to new yearly highs at $3.44.
- Tezos must find support above $3.0 to allow the bulls to focus on achieving new highs above $3.50.
Tezos continues to fly the bullish flag pattern above the cryptocurrency horizon. In the last couple of months, Tezos has been able to close consecutive weeks with impressive gains. Besides, new yearly highs have been posted week after week.
In the last 24 hours, Tezos has advanced greatly growing more than 23%. Tezos managed to clear the resistance at $3.0. The move opened the door for more gains towards $3.5. However, the momentum lost momentum, forming a high at $3.44.
XTZ/USD daily chart
Tezos has corrected to $3.24 (market value) at the time of writing. In spite, of the adjustment, the Relative Strength Index (RSI) is still trending upwards. Therefore, Tezos could hold on the gains a while longer.
If support is established above $3.0, the bulls will have the time to focus on higher levels ranging from $3.50 towards $4.0. As long as the gap between the 50-day SMA and the 200-day SMA continues to widen, the buyers’ confidence will not waver.
XTZ/USD daily chart:
Spot rate: $3.26
Relative change: 0.3328
Percentage change: 11.37%
Trend: Bullish
Volatility: High
Support: $3.20 and $2.80
Image from TradingView
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