• XTZ/USD gains over 12% in the recent 24 hours amid strong bullish momentum.
  • The upside may be resumed after a short technical correction.

Tezos has been volatile on Monday. The coin jumped above the psychological barrier of $3.00 and moved outside the Bollinger Band on the 1-hour chart before the downside correction pushed it back. At the time of writing, XTZ/USD is changing hands at $2.98, with nearly 12% of gains since the beginning of the day. Tezos is now ranked as the 13th largest digital asset with the current market value of $2.2 billion and an average daily trading volume of $284 million.

XTZ/USD: technical picture

As we have previously reported, a breakout from the pennant formation took the price to $3.00. However, the resistance proved to be too strong to be taken out form the first try. On the intraday charts, the initial support is created by $2.85, which is the previous congestion zone and a jumping-off ground for the bullish move. Once it is out of the way, the sell-off is likely to gain traction with the next focus on $2.70 (1-hour SMA50) and $2.60 (1-hour SMA100). 

On the upside, a sustainable move above $3.00 is needed for the upside to gain traction. Once it is cleared the upside momentum will increase with the next aim at $3.35, which is the highest level since May 3. 

XTZ/USD 1-hour 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.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Cardano Price Forecast: ADA targets 900% bull rally, but it must clear $0.33 first

Cardano had a significant rally towards $0.355 at the beginning of 2021. After a notable dip to $0.228, bulls bought it and managed to push Cardano price to $0.33 again before a small rejection.

More Cardano News

Ethereum price aims to flush out doubters before the ultimate breakout to $2,000

Ethereum bulls bought the dip on January 11, pushing the digital asset from a low of $915 towards $1,256. The smart-contracts giant has been outperforming Bitcoin in the past 24 hours despite the negativity seen on social media.

More Ethereum News

XLM Price Prediction: Stellar consolidates ahead of a 30% move

XLM price trades at $0.291 at the time of writing after a healthy consolidation after hitting a 2021-top at $0.411. There is a high chance that XLM is about to see a massive breakout or breakdown within the next 24 hours.

More XLM News

Bitcoin Weekly Forecast: BTC price faces extreme volatility ahead of a new all-time high

Bitcoin had a wild run this week, dropping from a high of $41,350 to a low of 30,420 in less than 48 hours. The panic sell-off was stopped on its tracks at the 26-EMA on the daily chart as bulls quickly bought the dip and created a V-Shape recovery pushing BTC towards $40,100 again. 

More Bitcoin News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: BTC price faces extreme volatility ahead of a new all-time high

Bitcoin had a wild run this week, dropping from a high of $41,350 to a low of 30,420 in less than 48 hours. 

Read the weekly forecast

BTC

ETH

XRP