Tezos (XTZ) Retains Support Above the 50-day MA

The Tezos market continues to show impressive bullish strength even at a time when the crypto market isn’t doing so well. Consequently, this token has seen a price increase of 5.81%. Technically, the upside retracement at this point shows that the market has a fair upside chance in subsequent sessions.

XTZ Statistics:

XTZ Price: $1.302

Tezos Market Capitalization: $1.29B

Tezos Circulating Supply: 1.02B

XTZ Total Supply: 1.04B

Tezos CoinMarketCap Rank: 75

Key Price Levels:

Resistance: $1.400, $1.500, $1.600

Support: $1.200, $1.100, $0.900

XTZ Bulls Find Footing Above the $1.200 Support Level

Following the strong price dip that occurred in the Tezos daily market, running from the 6th to the 5th session, price action rebounded off the technical support at the $1.200 price level. This also ensures that price action remains above the 50-day Moving Average (MA) line.

As a result, the Stochastic Relative Strength (RSI) is still rising upward from the oversold region. Technically, indications arising from this market hint that price action may proceed upward toward the next technical resistance in subsequent sessions.

Tezos Sees Minimal Rejection

While the XTZ market seems to have an overall upside trajectory on the daily chart, the 4-hour chart has revealed that price action is facing a headwind. For the past two sessions, the market had progressed upward fairly. This brought price action in the market past the 20-day MA curve. However, a red but downward-contracted price candle has appeared while the market is below the 50-day MA line.

Likewise, the Stochastic RSI lines maintain the integrity of their upside crossover as the ensuing lines continue rising upward and toward the 50 mark of the indicator. Consequently, it could be expected that price action will shake off the minor correction to proceed at least toward the $1.350 or $1.400 price level.

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