Tezos Price Analysis: Bulls have a bumper day as XTZ/USD goes up by 16%
|- XTZ/USD went up from $0.86 to $1 this Friday.
- As per Predicoin, Tezos is the biggest gainer when it comes to positive market sentiment.
XTZ/USD bulls had a field day this Friday as the price went up by 16% from $0.86 to $1. As per Predicoin, a company specializing in crypto market analysis, this rise in price is a direct result of its growth in positive market sentiment. The buzz surrounding Tezos went from low to high in just a 2-month period, which has been accompanied by a rise in market value.
XTZ/USD Daily Chart (Kraken)
- The last two sessions in the daily chart indicate a bullish engulfing pattern, with the last session overwhelming the session before that.
- The price fell and found support at the upward trending line before bouncing back up.
- The bulls need to breach past the resistance provided by the downward trending line and then aim for the $1.10 resistance level.
- The market is trending above the 20-day simple moving average (SMA 20), SMA 50, and SMA 100 curves.
- The relative strength index (RSI) indicator took a turn and is now heading towards the overbought zone.
- The three latest sessions in the Elliot Wave Oscillator is bearish, however, they are of decreasing intensity.
- The moving average convergence divergence (MACD) indicator shows that the signal line was about to converge with the MACD line but has now diverged away from the course.
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