Tezos Explodes: Hitting 6-Month High At $3.6 As Daily High

Tezos explodes to a new 6-month high after it hit $3.6 in a day so analyst is expecting the asset ti hit $4 so let’s find out more in the upcoming Tezos price news.

After the bigger moves from its top 10 list peers by market cap namely Cardano and chainlink, XTZ finally saw a huge gain of 10% over the past 24-hours of trading as the coin hit $3.6 as the daily high. The cryptocurrency bounced from the major support line of $3.00 earlier this week as it traded against Bitcoin at the 25,800 SAT to reach 30,000 SAT.

Tezos explodes by 10% over the past day stopping at the $3.50 resistance after it bounced from the $3.00 earlier this week which ended up in breaking above significant resistance at $3.31. This resistance caused trouble for the asset in July because it was rejected after the attempt to break further above. The push above didn’t allow Tezos to create a new 6-month high which is not seen since February. If the buyers are able to push beyond $3.52, the immediate resistance is set at $3.61 followed by the $3.70 resistance. On the other side, the first level of support is located at $3.40 and $3.20.

The RSI bounced from the 50 line which is a solid bullish signal as it shows that the buyers are not prepared to give up the control of the market momentum. Tezos is painting a different picture against Bitcoin as the coin surged dramatically during the month of July hitting a resistance of 35,000. XTZ was unable to overcome the resistance which caused it to go lower.
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XTZ’s value dumped over the rest of July until the support was reached at 24,300 SATs. The level provided strong support during March as well as Tezos has since bounced from this support and reached 30,150 SAT.

On the micro-level, the 4-hour charts show that XTZ is breaking out from the 4-week descending trendline at 28,000 SAT which was retested as a support and is charting a higher low which can be a start of a new bull run. If the buyers push above 30,000, the resistance is expected at 32,650 followed by the 35,000 SAT. The first level of support on the other side stands at 28,000 SAT and 25,800 SAT. The RSI pushed back above the 50 line indicating that the buyers have taken control.