- After breaking the $ 2 mark, the price of Tezos could reach $ 2,5 within a few days if buyers continue to show interest.
- Against Bitcoin, the reverse head-and-shoulders pattern could lead to Tezos's huge growth in the short term.
- Tezos is the best player in the last 24 hours among the top 20 cryptocurrencies by market capitalization.
XTZ / USD: huge benefits for Tezos as buyers focus on wedge resistance
Key resistance levels: $ 2,2, $ 2,5. Key Support Levels: $ 1,8, $ 1,47
Over the past few days, the volatility of Tezos has seen significant growth in the direction of growth. The latest increase of almost 18% pushed Tezos to 11th place in the top cryptocurrencies by market capitalization. Meanwhile, Bitcoin has been showing signs of indecision for several days now.
It seems that Tezos is enjoying the latest Bitcoin mini rally. The rising rising wedge seen on the daily chart may be another reason for the current Tezo price spike.
The price of XTZ goes to the upper border of the wedge, which may open the door for more action in the next few days. The XTZ's next target is now $ 2,5, while the bulls continue to show commitment.
Tezos / USD Short-term Price Forecast
Dropping to the lower boundary of the wedge on Jan. 2, Tezos regained momentum after bouncing off the long blue support zone at $1,24. This bounce brought buyers around $2,2 while targeting the wedge resistance at $2,5 or even higher. As a result of the rally in the past few days, XTZ is now holding support at $1,47 and $1,8, the latest blue support zones.
Looking at the daily volume, Tezos seems to be gaining more bullish momentum. We can expect the price to continue to rise as the market continues to follow bullish sentiment.
Technical indicators: XTZ price entered the overbought zone on the daily RSI. This suggests that this market is currently overvalued, although buyers are still showing strong commitment.
However, it is important to keep in mind that the bullish momentum could end soon, which could lead to a noticeable drop in prices. In the same direction, the daily MACD is positive, with no signs of a bearish movement at the moment. A negative sign may introduce sellers back to the market. But for now, Tezos remains optimistic on the short-term trend.
XTZ / BTC: Reverse breakout “head-shoulder” set Tezos on a bullish path
Over the past five days of trading with bitcoins, Tezos has also experienced a dramatic rise. At the time of writing, the price of Tezos was up 18,85% compared to bitcoins. After a long day opening, XTZ managed to reach the level of 22150 SAT, but now it is trading near the level of 22100 SAT.
XTZ is currently in bullish control. Due to the last jump in prices market capitalization Tezos is valued at approximately 153 BTC with an estimated trading volume of 450 BTC against the Bitcoin pair. If these statistics continue to rise, the price of Tezos is predicted to rise. The opposite will be the case if the statistics fall.
Yesterday, Tezos broke through a reverse head and shoulders pattern that formed on the daily chart. This breakout triggered strong buying over the past few hours, bringing the price of Tezos to 22100 SAT at the time of writing. However, the price range for this breakout is the 24500 SAT level where the red resistance zone is located. A jump above this resistance could send XTZ straight to the 30000 SAT level.
In the event of a fall, the neckline and right side are expected to support the XTZ / BTC pair. At the moment, buyers are still present in the market. The volume is currently low, but we can expect it to increase as soon as demand increases.
On behalf of technical indicators: Tezos is currently testing the daily level of RSI 70, as there is more room for pressure from buyers if the price continues to rise. But if the mentioned RSI level rejects the price, the XTZ may be slightly adjusted downward.
The latest positive cross on the MACD suggests that a big bull move is expected in the near future. However, the XTZ bulls are still gaining control of a pair of bitcoins.