- Tezos price outlook highlights an upward move to $4.70
- The nearest support zone stands at $4.50
- XTZ encounters resistance around the $4.616 area.
Tezos price indicated that XTZ bulls secured dependable support around $4.50. The footing allowed buyers to launch a rally past the $4.600 price area. Though the price function meets near-term resistance around $4.616, bullish market sentiment supports upward movements by the alt.
Meanwhile, the broad crypto market has displayed bearish sentiment over the past 24 hours as top digital assets recorded negative price actions. Bitcoin lost the $50K mark after struggling below it several times. At this publication, BTC has its price actions around $49,776.
Tezos Secures $4.600
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XTZ technical indicators express bearishness. For instance, MACD had a red histogram. The momentum indicator highlights low bearish strength that has been declining in the latest hours, as shown by the histogram’s lighter shade. The recent rejection at $4.7 indicated more downswing actions by the $4.50 rebound suggests massive bullish actions in the marketplace.
The exponential moving averages hover at a high level as XTZ saw a bullish shift over the past week. Nevertheless, Tezos’ latest actions made EMAs drop as bullish strength dropped. For now, the 26-exponential moving average moves down in a mild slope, confirming the downswing from $4.8. However, the 12-EMA mirrors the near-term price actions while moving horizontally.
The RSI remains neutral beyond the mean line, indicating a brief bullish dominance by XTZ price moves. The indicator moves up, hovering at 54.55 indexes as the alt crosses the resistance at $4.600. Moreover, the neutral indicators suggest an additional bullish room for Tezos before the coin necessitates a trend retracement.
XTZ/USDT Tech Analysis
The 4hr XTZ analysis presents a ‘buy’ signal as 11 out of 26 technical indicators show bulls’ support. Meanwhile, only five of them support bears, confirming slight selling activity in the market. However, the remaining indicators (10) displays no signal at the moment.
The 24hr chart has a different sentiment, issuing a ‘sell’ signal with eleven indicators indicating downswings and six showing upside price moves. With that, bearish momentum still weighs on XTZ despite near-term charts suggesting bullishness. For now, buyers will need to overcome the massive bearish momentum for a smooth upward journey.
Editorial credit: Piotr Swat / shutterstock.com
