For the third week in a row the Tezos price has pushed to new highs and appears to be preparing for a push towards $4. Tezos is currently trading at $3.85 and is only 3% away from $4. The recent price action has seen a significant price spike higher, and the current price is higher by 6% today.
In what is a surprising turn of events, Tezos (XTZ) managed to increase in price by almost 62% in a matter of hours, as it broke above the $2.50 price level. The cryptocurrency quickly rose in price on August 8, 2018, before settling back at around $2.50 USD. But, what is going on with the project, and will it be able to keep its momentum?Summary of the situation
- XTZ moved sideways yesterday.
- Support at the $3 level remains in place.
- The next target is $4.5.
Tezos’ price analysis for today is bullish, as the market has not declined in recent days and has moved sideways above the $3 support level. Therefore, we can expect XTZ/USD to strengthen later this week to break above the $4 resistance level. Crypto-currency heat map. Source: Coin360 Overall, the market has traded with small losses over the past 24 hours. Bitcoin lost 3 percent and Ethereum lost nearly 4 percent. The rest of the altcoin market is trading at similar rates.
Tezos rate change for last 24 hours
XTZ/USD was trading in a range of $3.09 to $3.43, indicating moderate volatility. Trading volume increased 108% and market capitalization rose to $2.8 billion, putting the cryptocurrency in 43rd place overall.
XTZ/USD Four-hour chart – Is XTZ preparing for a rise?
On the 4-hour chart, we see the price of Tezos retesting the support around the $3 level, which means that a new upward push is expected before the end of the week. XTZ/USD 4-hour chart. Source: TradingView The overall price of Tezos has continued to move sideways in recent weeks. After falling more than 70% at the end of May. XTZ/USD then moved sideways and established a range with $3 support and $4 resistance. Last week, Tezos was trading near $3 support, but failed to go lower. Therefore, we can assume that the bears have run wild and we can expect a rise in the XTZ/USD in the coming days. The $4 level could still prevent Tezos from moving forward, meaning a clear breakout to the upside is needed before the market turns bullish again. Once the $4 level is broken, we can expect XTZ/USD to move towards the $4.5 resistance. After that, the bulls will likely take control and lead Tezos to a significant rise in the coming weeks. A long position can be taken once the $4.5 level is tested and the market pulls back to establish a clear higher low. Until Tezos forms this price action structure, it is better to wait for more price action as we could see a lot more sideways movement.
Thesos price analysis: Supplement
Tezos price analysis is bullish as the market has retested the $3 support level and is not moving lower. This suggests that the price of Tezos is poised to go higher and break through the $4 barrier in the coming days. From here, the next target is the $4.5 zone, which, if reached, would signal the resumption of the strong bullish momentum formation. While we wait for Tezos to start growing, check out our guides on betting on Cardano, how to cash out bitcoins and how to buy bitcoin stocks. Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.
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