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Bullish rally stalls near key resistance of $1.55

Bullish rally stalls near key resistance of $1.55

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According to a recent Tezos price analysis, the digital asset has gained more than 7.71 percent in the last 24 hours and is currently trading at $1.66. The XTZ/USD pair faces strong resistance near the $1.75 level, preventing the bulls from pushing the price higher. Tezos opened daily trading at $1.48 and quickly rose to $1.55.

The price corrected lower from this level and supported near the $1.50 level. The bulls pushed the price back above the $1.52 and $1.54 levels, but were unable to sustain the advance above the $1.55 level.

Broad market sentiment is positive, with most major cryptocurrencies in the green. Ethereum gained more than 7.99 percent, while Bitcoin gained 2.99 percent. On the other hand, Litecoin, ADA and Polkadot were among the few digital assets that lost in the last 24 hours.

Source: Coin360

XTZ/USD 1-Day Price Analysis: A bullish engulfing pattern appears

Tezos price analysis on the daily chart shows that the XTZ/USD pair is trading in a bullish channel. The digital asset corrected lower from the $1.60 level and found support near the $1.41 level. The bulls pushed the price back above the $1.50 level and the 50 simple moving average (SMA). Tezos is currently facing resistance near the $1.55 level, above which it could move towards the $1.60 and $1.62 levels in the short term.

The downside is that if the price of Tezos does not rise above the $1.55 level, it may retest the $1.50 support level. A bearish break below the $1.50 support level could lead the price towards the $1.41 and $1.40 levels in the near term.

tezos 1d
Source: TradingView

However, the technical indicators on the daily chart are giving weak bullish signals. The relative strength index of XTZ/USD is currently slightly below the 60 level and has a flat structure. The MACD indicator is moving slowly in the uptrend zone. Finally, it may be difficult for Tezos price to climb above $1.60 in the short term.

The Bollinger bands are converging, indicating a possible breakout in either direction. The lower band touches $1.50, while the upper band is at $1.65, which act as psychological support and resistance levels, respectively.

Tezos Price Analysis on 4-Hour Price Chart: Ascending Triangle

Tezos price analysis on the 4-hour chart shows that the XTZ/USD pair has formed an ascending triangle with resistance near the $1.55 level. Tezos price is currently following an uptrend and is trading above the $1.50 level. It looks like the bulls are getting ready to break towards the $1.58 and $1.70 levels in the near term.

On the downside, if Tezos price corrects lower from current levels, it could find support near the $1.52 and $1.50 levels. Possible further losses could lead the price towards the $1.48 level and the ascending triangle support trendline.

tezos 4h
Source: TradingView

Technical indicators are currently giving bullish signs on the 4-hour chart. The XTZ/USD RSI is currently well above the 60 level and has more room to rise. The EMA line is also turning upward, which is a positive sign for the bulls.

The MACD indicator is currently in the bullish zone and is gradually strengthening. The MACD is crossing the red signal line, which is a positive sign for the bulls.

Tezos price analysis conclusion

Today’s price analysis on Tezos shows that the XTZ/USD pair is following an upward path and may soon rise above the $1.75 level. However, it may be difficult for the digital asset to move higher in the short term as there are several resistances near the $1.70 level. The market sentiment towards Tezos is positive as most of the major cryptocurrencies are trading in the green.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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