Tezos Price Analysis: XTZ/USD bulls make it to $3.00, more upside ahead
- 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
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Author
Tanya Abrosimova
Independent Analyst
