Tezos Price Analysis: XTZ/USD gains over 7%, bumps into daily SMA50
|- Tezos (XTZ) is moving within a steep bullish trend.
- The strong resistance is created by daily SMA50.
Tezos (XTZ) is moving within a strong bullish trend. The coin hit the recent high at $2.66 and the upside momentum is gaining traction. XTZ is now the 13th largest digital asset with the current market value of $1.94 billion. An average daily trading volume reached $134 million amid sharp price increase. The coin has gained over 7% both on a day-to-day basis and in the recent 24 hours.
XTZ/USD: technical picture
On the intraday charts, XTZ bottomed at $2.21 on July 5 and has been gaining ground rapidly ever since. the coin is moving within a steep upside channel with the upward-looking support created by the middle line of the 1-hour Bollinger Band (currently at $2.55). This technical barrier stopped the downside correction on several occasions and served as a trigger for another bullish movement. If it is broken, the sell-off may be extended towards $2.50 and $2.47. This support is reinforced by 1-hour SMA50 and the lower line of the 1-hour Bollinger Band. A sustainable move below this area will worsen the technical picture.
Meanwhile, the intraday RSI still points upwards and stays close to the overbought territory, which means that the coin has not exhausted its bullish potential yet. The next resistance is created by the intraday high of $2.66 strengthened by daily SMA50. Once it is out of the way, the upside is likely to gain traction with the next focus on psychological $2.70.
XTZ/USD daily chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.