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Breaking News: ‘Crypto Week’ Takes A Hit: US House Fails To Advance Key Acts

Tezos (XTZ) Just Crossed $3: A Strengthening Case for New ATH

Aayush Jindal
Aayush Jindal
5 years ago
2 mins read

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Tezos’s price rallied more than 10% and it crossed the $3.000 resistance against the US Dollar. It seems like XTZ is following Chainlink’s (XTZ) rally and aiming more upsides in the coming days.

  • XTZ started a strong increase above the $2.500 and $2.750 resistance levels against the US dollar.
  • The price traded to a new monthly high at $3.050 and it is currently correcting lower.
  • There is a crucial bullish trend line forming with support at $2.650 on the 4-hours chart of the XTZ/USD pair (data source from Kraken).
  • The pair could correct lower in the short-term, but dips are likely to find support near $2.750 or $2.650.

Tezos (XTZ) Rallies 10%

Recently, there were strong gains in LINK and XTZ against the US Dollar. LINK traded to a new all-time high above $8.000 and it seems like XTZ is also following a similar pattern.

Tezos’s price started a strong increase from the $2.450 support level and the 100 simple moving average (4-hours). The bulls were able to clear the $2.500 and $2.750 resistance levels. It opened the doors for more gains above the $3.000 level and the price traded to a new monthly high at $3.050.

It is currently correcting lower and trading near $2.980. An initial support is near the $2.950 level. It is close to the 23.6% Fib retracement level of the recent rally from the $2.585 low to $3.050 high.

Tezos (XTZ) Rallies 10%

XTZ price breaks $3.00. Source: TradingView.com

On the downside, the first major support is near the $2.800 level or the 50% Fib retracement level of the recent rally from the $2.585 low to $3.050 high. Moreover, there is a crucial bullish trend line forming with support at $2.650 on the 4-hours chart of the XTZ/USD pair.

The trend line support is close to the previous breakout zone at $2.700. On the upside, the price might struggle to settle above the $3.000 resistance. If it succeeds, it could open the doors for another increase. The next key resistance could be $3.250, above which the bulls might aim a new all-time high (similar to chainlink’s price) in the coming days.

Dips Remain Supported

If XTZ price corrects lower, the bulls are likely to protect the $2.800 and $2.750 support levels. The main support is near the $2.700 and $2.650 levels, below which the price might move into the red zone.

The next key support could be $2.450 or the 100 simple moving average (4-hours). Any further losses may perhaps lead the price towards the $2.200 level.

Technical Indicators

4-hours MACD – The MACD for XTZ/USD is gaining momentum in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for XTZ/USD is currently approaching the overbought zone.

Major Support Levels – $2.950, $2.800 and $2.750.

Major Resistance Levels – $3.000, $3.250 and $4.000.

Take advantage of the trading opportunities with Plus500

Risk disclaimer: 76.4% of retail CFD accounts lose money.

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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