• Tezos price sees bulls claiming an important floor.
  • XTZ is set to jump higher with first signals emerging of $1.19 price target.
  • A 41% recovery is at hand if bulls and market conditions keep opening up at this pace. 

Tezos (XTZ) price jumped above the monthly pivot for January on Monday. Bulls can maintain the area after two US Federal Reserve members pushed against the current market narrative that focuses on the US Federal Reserve pivot level, which is expected to soon be met. This comes after a slew of US data points in that dovish direction. Meanwhile, markets are disregarding the comments from the two US Fed members as both are non-voters in the upcoming FOMC rate decision meeting.

Tezos price holds ground, should tackle the 55-day SMA soon

Tezos price jumped above the monthly pivot level of January at $0.8185 and was able to maintain it without offering a big fade. As price action has already checked for support and is in the green again, more gains are to be had. In early morning trading on Tuesday, however, equities were down after gut-punch comments from US Federal Reserve members Daly and Bostic siding against the current risk-on sentiment. Markets then disregarded the comments quite quickly though as both are non-voters in the next FOMC rate decision.

XTZ price is set this week to test and possibly break $0.90, which comes in with the 55-day Simple Moving Average (SMA) and is the first big test to see if this rally has enough strength and legs to go on. Should US inflation numbers come out substantially lower, expect that level to be broken to the upside and see XTZ rally further. Further down the line, $1.19 could be up for grabs by the end of this month if that Fed pivot gets confirmed.

XTZ/USD daily chart

XTZ/USD daily chart

A big central bank event is today, with the Swedish Riksbank holding a panel discussion with quite a few central bankers. Fed chairman Jerome Powell is also attending and could use the venue as an opportunity to either confirm or contradict the comments from Bostic and Daly. Confirming the statement by the non-voters would be a knock-out punch for the current rally and see XTZ collapse back to $0.70.


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.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

SEC doubles down on TRON's Justin Sun lawsuit dismissing claims over jurisdiction

SEC doubles down on TRON's Justin Sun lawsuit dismissing claims over jurisdiction

The SEC says it has jurisdiction to bring Justin Sun to court as he traveled extensively to the US. Sun asked to dismiss the suit, arguing that the SEC was targeting actions taken outside the US.

More TRON News

XRP fails to break past $0.50, posting 20% weekly losses

XRP fails to break past $0.50, posting 20% weekly losses

XRP trades range-bound below $0.50 for a sixth consecutive day, accumulating 20% losses in the last seven days. Ripple is expected to file its response to the SEC’s remedies-related opening brief by April 22. 

More Ripple News

ImmutableX extends recovery despite $69 million IMX token unlock

ImmutableX extends recovery despite $69 million IMX token unlock

ImmutableX unlocked 34.19 million IMX tokens worth over $69 million early on Friday. IMX circulating supply increased over 2% following the unlock. The Layer 2 blockchain token’s price added nearly 3% to its value on April 19. 

More Cryptocurrencies News

Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium

Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in

Bitcoin price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days? 

More Bitcoin News

Bitcoin: BTC post-halving rally could be partially priced in Premium

Bitcoin: BTC post-halving rally could be partially priced in

Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days? 

Read full analysis

BTC

ETH

XRP