XTZ Price Analysis: Tezos price not scared off by Fed non-voters
|- Tezos price sees bulls claiming an important floor.
- XTZ is set to jump higher with first signals emerging of $1.19 price target.
- A 41% recovery is at hand if bulls and market conditions keep opening up at this pace.
Tezos (XTZ) price jumped above the monthly pivot for January on Monday. Bulls can maintain the area after two US Federal Reserve members pushed against the current market narrative that focuses on the US Federal Reserve pivot level, which is expected to soon be met. This comes after a slew of US data points in that dovish direction. Meanwhile, markets are disregarding the comments from the two US Fed members as both are non-voters in the upcoming FOMC rate decision meeting.
Tezos price holds ground, should tackle the 55-day SMA soon
Tezos price jumped above the monthly pivot level of January at $0.8185 and was able to maintain it without offering a big fade. As price action has already checked for support and is in the green again, more gains are to be had. In early morning trading on Tuesday, however, equities were down after gut-punch comments from US Federal Reserve members Daly and Bostic siding against the current risk-on sentiment. Markets then disregarded the comments quite quickly though as both are non-voters in the next FOMC rate decision.
XTZ price is set this week to test and possibly break $0.90, which comes in with the 55-day Simple Moving Average (SMA) and is the first big test to see if this rally has enough strength and legs to go on. Should US inflation numbers come out substantially lower, expect that level to be broken to the upside and see XTZ rally further. Further down the line, $1.19 could be up for grabs by the end of this month if that Fed pivot gets confirmed.
XTZ/USD daily chart
A big central bank event is today, with the Swedish Riksbank holding a panel discussion with quite a few central bankers. Fed chairman Jerome Powell is also attending and could use the venue as an opportunity to either confirm or contradict the comments from Bostic and Daly. Confirming the statement by the non-voters would be a knock-out punch for the current rally and see XTZ collapse back to $0.70.
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