Tezos (XTZ) Highlights Bullish Outlook for the Next Day – Price Analysis
- Tezos price reveals a bullish outlook today.
- XTZ tested the support of $4 yesterday.
- The alt recorded sideways actions overnight.
Tezos (XTZ) had its price breaking past a double-top neckline resistance at $5.60 during early sessions today, suggesting a bullish move for the coin. However, the token retraced to fulfill the $4.92 support, which steadied as the price climbed before the slight correction. XTZ seems prepared for another upside move towards the critical resistance around $7.
Meanwhile, the price chart shows XTZ moving past a crucial inflection level, a lucrative gesture for a bullish action.
XTZ/USD 24Hr Timeframe – Tezos Bullish Today?
Ichimoku cloud top stands at $5.62 now; though it could not climb past the horizontal resistance at $5, the chart shows the cloud getting its way. The cloud offers massive support, but bears can break it without struggle.
The price stays beyond the 7-day exponential moving average, a lucrative signal for XTZ. Nevertheless, the alt might still take time to overcome the cloud. The daily chart shows Tezos moved past a crucial inflection point, indicating bullishness for the price. It might be interesting to watch whether XTZ will surge past $6 and explore the following resistance near $7.
The following technical zone to consider as far as the short term is concerned is the resistance around $5.29 – $5.40. A break past this level will confirm further price surges in the coming days. Market cap has been appreciating over the last few days, meaning that trading volumes also surge at the time.
The following considerable resistance stands at $4.88, the level that acted as support during the previous bullish run. Overcoming this level will mean further gains, and XTZ will clear the path to $7.
XTZ/USD 4Hr Chart – More Upside?
The 4hr chart shows Tezos price retesting the support at $4, probably highlighting reversals. Meanwhile, XTZ has recorded upside trends for weeks. The token broke the consolidation resistance of $3.1 on 30 January, following a new massive swing low near $2.55 towards January end.
Tezos remain bullish today. The pair retested the support at $4 yesterday but consolidating beyond its suggested a potential upward move towards the massive resistance near $7. More bullish actions to overpower this level might lead to continued upswings in price and trading volumes in the coming days.