Tezos (XTZ) Is Trying to Reclaim a Support Above $0.996 Price Mark

Price action in the Tezos market fell below a medium-term support of $0.996, during the previous trading session. However, it appears that this crypto’s price action is already preparing to recover above this lost level.

XTZ Analysis Data
XTZ Value Now: $0.996
Tezos Market Cap: $921,916,752
Tezos Moving Supply: 936,315,509
XTZ Total Supply: 957,554,957
Tezos CoinMarketCap Ranking: 52

Major Price Levels:
Top: $0.987, $1.00, and $1.25
Base: $0.967, $0.947, and $0.927

.996 Price Mark" width="1260" height="668" data-lazy-src="https://learn2.trade/wp-content/uploads/2023/05/XTZUSD_2023-05-01_20-14-33.png"/>

Tezos (XTZ) May Retrace Upwards From This Point

After XTZUSD price action broke down support at the $0.996 mark, a green price candle with a small body appeared for the ongoing session. This price candlestick reveals that some buy orders were triggered. Meanwhile, with this minimal profit, the Stochastic Relative Strength Index (RSI) indicator lines seem to have converged for a bullish crossover. Although this could be attributed to the fact that the lines weren’t too far from each other, an eventual crossover will still deliver some upside push to price action.

.996 Price Mark" width="1260" height="668" data-lazy-src="https://learn2.trade/wp-content/uploads/2023/05/XTZUSD_2023-05-01_20-16-15.png"/>

Tezos (XTZ) Price Action May Breakout

On the 4-hour Tezos market, price movements seem to be proceeding in a falling wedge pattern. Also, over the past two trading sessions, price action has been presenting moderate gains on this front. At this point, a hammer price candlestick has appeared near the closed edge of the falling wedge. Additionally, the Stochastic RSI indicator has shown an upside crossover in the oversold region. By implication, this suggests a retracement toward the $1.00 price mark.

Buy XTZ on eToro