Tezos (XTZ) Rallies 10% And Indicators Suggest “Liftoff” To $3.6

Aayush Jindal

Last Updated: June 11, 2024 1:19 pm

2 mins read

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Tezos’s price gained over 10% and it traded to a new monthly high at $3.308 against the US Dollar. XTZ is trading in a nice uptrend and it seems like it could continue to rise towards $3.500 or even $3.650.

XTZ started a steady rise and it settled nicely above the $3.000 resistance against the US dollar.
The price traded to a new monthly high at $3.308 and it is currently consolidating gains.
There is a major bullish trend line forming with support at $3.100 on the 4-hours chart of the XTZ/USD pair (data source from Kraken).
The pair is likely to continue higher towards $3.500 as long as it is above $2.700.

Tezos (XTZ) Surges 10+%

In the last technical analysis, we saw a strong increase in XTZ above the $2.500 and $2.700 resistance levels against the US Dollar. Later, there was a short-term downside correction, but the bulls protected losses below $2.700 and 100 simple moving average (4-hours).

A swing low was formed near $2.654 and the price started a fresh rally (similar to LINK). There was a clear break above the $3.000 resistance and the price even broke the last swing high.

Tezos’s price traded to a new monthly high at $3.308 and it is currently consolidating gains. An initial support is near the $3.150. It is close to the 23.6% Fib retracement level of the recent wave from the $2.654 low to $3.308 high.

XTZ price above $3.000. Source: TradingView.com

There is also a major bullish trend line forming with support at $3.100 on the 4-hours chart of the XTZ/USD pair. The main support is near the $3.000 level and the 50% Fib retracement level of the recent wave from the $2.654 low to $3.308 high.

On the upside, the $3.300 level is an immediate resistance. A successful break above the recent high could open the doors for more gains towards the $3.500 and $3.600 levels in the coming days.

Uptrend Support

If XTZ price corrects lower, the bulls are likely to protect the $3.100 and $3.000 support levels. The main uptrend support is near the $2.700 (the previous breakout zone).

A downside break below the $2.700 support level may perhaps initiate a larger decline towards the 100 simple moving average (4-hours).

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 well above the 70 level.

Major Support Levels – $3.150, $3.100 and $3.000.

Major Resistance Levels – $3.300, $3.500 and $3.600.

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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.

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.
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