Tezos technical analysis: XTZ/USD on full throttles in the wake of Coinbase listing

Tezos price exploded in fireworks towering above the cryptocurrency horizon. The brilliant gains exceeding 30% in a single day came after Coinbase announced the listing of the XTZ token. From the support at $1.00, Tezos made a compelling move above the hurdle at $1.2. An impressive high was formed at $1.2995 before correcting to the current $1.23.

XTZ/USD daily chart

Looking at the daily chart the price stepped above the 50-day Simple Moving Average (SMA) and extended that gains above the 100-day SMA. The Moving Average Convergence Divergence (MACD) crossed into the positive zone. Besides, bullish divergence at the moment suggests the bulls have control.

XTZ/USD 4-hour chart

The 4—hour chart shows Tezos settling in a flag pattern. Attempts to break above the flag resistance failed at $1.25. However, technical levels are still positive and upward correction is still a possibility in the near-term. The full stochastic oscillator is leveling within the overbought suggesting bullish influence is taking center stage. On the other hand, retreat from the levels above 70 will signal a reversal. The MACD has a massive bullish divergence suggesting increasing selling buying pressure in the short-term.