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

Aayush Jindal

4 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.

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.

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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.

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