Tezos Price Analysis: Bulls have a bumper day as XTZ/USD goes up by 16%

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.