Tezos Price Analysis: XTZ/USD bulls remain control as price trends in an upward channel.

XTZ/USD bulls have remained in control for the fifth straight day.
William‘s %R has dipped back inside the overbought zone.

Rajarshi Mitra Independent Analyst

XTZ/USD daily chart

XTZ/USD went up from $2.90 to $2.97 as the bulls remained in charge for the four consecutive days. The price is trending in an upward channel formation and looks to break past the $3–level.

William‘s %R has dipped back inside the overbought zone, which shows that the price is overvalued and may soon face bearish correction. The Elliott Oscillator has had 11 straight green sessions.

Support and Resistance

The bulls will want to conquer the $3.044 resistance line to continue the upward momentum. On the downside, healthy support lies at $2.90, $2.78, $2.67 (SMA 50) and $2.50 (SMA 20).

Author

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.