The XTZ/USD pair regained the price after the massive sell-off on Monday and the intraday RSI implies that the upside of the price could be extended as we are reading in the Tezos news.
Tezos is now the 10th largest crypto asset on the current market value of $1 billion which has regained some strength after the major sell-off at the start of the week. At the time of the writing, the XTZ/USD pair is changing its momentum at $1.4660 which is about 10 percent higher from the time on Monday. The daily trading volumes settled at $212 million which is in line with the recent price level.
The XTZ/USD pair settled above the local resistance level created an SMA50 on the 1-hour charts $1.4300 while a stronger barrier is waiting for the new level at $0.1.5450 while the SMA100 1-hour located on the approach to this line stopped the recovery of the altcoin. If this level gets broken, the upside will gain traction with the latest target at $1.75 followed by the new levels of $1.80 and $1.84. The upward-looking RSI on the intraday charts and the short-term bullish scenario seems highly likely.
The initial support will be created by the previously mentioned SMA50 1-hour charts and the sell-off will likely gain traction with the latest focus $1.40 which is followed by the intraday low of $1.29. As per the recent Tezos price news, The on-chain governance characteristics for Tezos are working smoothly now and allow for the new upgrade to go live on the network. Right after Tezos upgrades, the Tezos price surged. The entire network was upgraded to protocol 006 after the on-chain governance process so the self-amending governance network moved from Babylon to Carthage at the block 851,969 which brings a gas limit increase and other smaller issues that needed fixing on the network.
Looking at the charts, it seems that the Tezos XTZ price analysis shows a big consolidation pattern and forming an inverse head and shoulders pattern. This pattern is bullish traditionally but will only be confirmed when the neckline breaks closer to the 2.00 level. The target will be the total length of the pattern from start to finish. Right now, this pattern stands at just over 48 percent which sounds like a lot but there are rules for the chart pattern as well.
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