Tezos Price Analysis: XTZ might just test an important high today
- Tezos has pushed nearly 8% higher on Wednesday as general crypto sentiment turns positive.
- The price could test the previous wave high of 2.3756 to push higher.
XTZ/USD 4-hour chart
Looking at the 4-hour chart below it seems the bulls are firmly in control of Tezos. The price is over 7% higher on Wednesday and the old high at 2.3756 might be broken. The volume indicator at the bottom of the chart shows the market is behind this move as there has been a spike in activity. The relative strength index indicator has also pushed back above the 50 mid-line and there is still space to move into the overbought zone.
Importantly the price is trading above both the 200 and 55 moving averages. This is considered a bullish sign and if the price does break higher then the purple resistance point close to the 2.600 zone could be the next target. If the back resistance line is rejected then the next support is holding at 2.100, but the bias is still bullish.
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Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
