Tezos (XTZ) Price Action Intensifies Upside Retracements

Azeez Mustapha


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Studying the Tezos market, one can observe that the price action of this token has been in a clear uptrend. This is evident as price action continues to make higher lows along the upward-sloping price channel. However, it appears that the uptrend has intensified in recent times, and the token now trades outside the trendline. Let’s examine this market further.

Tezos Statistics:
Current XTZ Value: $1.508
XTZ Market Cap: $1,412,862,632
Tezos Circulating Supply: 973,346,111
Tezos Total Supply: 994,119,794
XTZ CoinMarketCap Rank: 72

Key Price Levels:
Resistance: $1.508, $1.600, and $1.700Support: $1.500, $1.400, and $1.300

Tezos (XTZ) Price Action Intensifies Upside RetracementsTezos Resumes Bullishness Above the Upside Sloping Trendline

As noted earlier, price action in the XTZ daily market has gained more bullish momentum. Here, it is evident that the coin now trades above the ceiling of the drawn price channel and the Bollinger Bands. Additionally, the last two sessions on this market were represented by large green price candles, further stressing that the bullish momentum here is significant.

Meanwhile, the Moving Average Convergence Divergence (MACD) indicator lines have taken a much steeper upside path. Likewise, the last bar of the indicator is now solid green, revealing growing momentum in the market.

Tezos (XTZ) Price Action Intensifies Upside RetracementsXTZ Buyers Are Recording Consistent Gains

Now, looking at the Tezos 4-hour market, one can easily see that upside forces have been prevailing since the past three sessions until now. This was evident since the time when price action seemed to pick up a support above the ceiling of the drawn price channel. The ongoing session keeps the market further above the middle limit of the Bollinger Bands.

Nevertheless, one should note that the last price candle here has an upper shadow, indicating that downward forces are fighting back. However, the MACD’s bullish crossover stays intact, and the lines of the indicator continue to rise upward. Also, the last bar of the indicator is green in appearance, suggesting that traders can stick to crypto signals with targets near the $1.650 price level.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

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