• Tezos breaks out towards $3.00 amid an improving technical picture.
  • XTZ/USD bullish momentum is reinforced by the RSI and MACD impressive upward movements.

Tezos has been on a formidable rise since the beginning of July. It is joining hands with other selected altcoins such as Ripple, Chainlink and Stellar to kick start the ‘altcoin season.’ The altcoin season is a period in the cryptocurrency market where digital assets except Bitcoin rally. XTZ/USD succumbed to June losses following rejection at $3.00. Fortunately, support at the 200-day SMA saved the bulls a devastating trip to levels under $2.00.

Read moreCardano Price Analysis: ADA/USD inverted H&S pattern spotted as bulls’ eye $0.15

Recovery has been steady over the last week. XTZ/USD continues to grind closer to the key hurdle at $3.00. The price is already trading above the 50-day moving average; signaling an improving technical picture. A break above $3.00 is seen as a milestone for the buyers as it would improve investor sentiments towards XTZ.

For now, Tezos is exchanging hands at $2.94. The bullish momentum is reinforced by the RSI’s upward movement towards the overbought. The trend since the beginning of July has been in favor of the bulls. With the RSI below 70, there is still room for growth. Moreover, the bullish momentum is supported by the MACD’s cross above the midline.

A bullish divergence from the MACD reflects the gains recorded on the day. If the technical picture remains intact and trading volume balloons, we can expect Tezos to trade above $3.00 in the near term. Higher support also needs to be established preferably at $2.80 to give bulls peace of mind as they focus on bringing down the seller congestion at $3.00.

XTZ/USD daily chart

XTZ/USD price 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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

AVAX price will give holders an opportunity to get out before another 20% crash

AVAX price will give holders an opportunity to get out before another 20% crash

AVAX price is in a tough spot as it approaches the end of its uptrend that has been ongoing for two months. While bearish as the altcoin looks, a minor relief rally or bounce could help investors cash out before another leg down. 

More Avalanche News

If buyers do not defend this level, Dogecoin price could crash 20%

If buyers do not defend this level, Dogecoin price could crash 20%

Dogecoin price has undone its gains that were accrued earlier this week This development comes as the crypto markets undergo a massive sell-off with Bitcoin at its helm. As a result, DOGE has arrived at a stable support level.

More Dogecoin news

Is the Zilliqa price prepping for a monstrous 50% decline?

Is the Zilliqa price prepping for a monstrous 50% decline?

Zilliqa price could be due for a serious liquidation. Key levels have been identified. ZiIliqa price merits considerable concern as the ERC-20 token has failed to hold support at both the  8- and 21-day simple moving averages.

More Zilliqa news

Shiba Inu Price Prediction: We've all made gains, now here comes the pain

Shiba Inu Price Prediction: We've all made gains, now here comes the pain

Shiba Inu Price Prediction: We've all made gains, now here comes the pain. Shiba Inu price falls in free-fall fashion after tagging last week's bullish target zones. Invalidation of the bearish thesis is a breach above $0.00001875. 

More Shiba Inu news

Bitcoin: Can BTC ruin the Merge for ETH?

Bitcoin: Can BTC ruin the Merge for ETH?

Bitcoin price is undergoing a massive rejection at a crucial hurdle for the second time, suggesting the possibility of a reversal. A further look into a lower time frame reveals that this bearish outlook could be possible under certain conditions.

Read full analysis

BTC

ETH

XRP