XTZ Technical Analysis: Bullish Trend Will Be Back on Track

Tezos blockchain network is not too different from Ethereum. Although, the biggest difference is Tezos aims at a better infrastructure without endangering its hard fork. Both Bitcoin and Ethereum were not able to finish off this part. It provides a secure, upgradable, and built-to-last open-source platform to its customers. The XTZ technical analysis is as follows:

Past Performance

In the past week, XTZ has traded between $2.45 and $4.17, the price has surged roughly 70% this week. In the last 24 hours, XTZ has traded between $3.59 to $4.17, the total change in price stands at $0.2307.

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Day Ahead And Tomorrow

At the time of press, XTZ was trading at $3.82, which is 5.07% higher in the past 24 hours. Thus, the market looks positive.

Although the long-term bullish trend of the crypto market has turned 360 degrees. If the price breaks the trend line with good volume and the key resistance of $4.5898 is broken, then the bullish trend will be back on the track. Till then, traders should trade as per the trend.

The MACD line is in the bearish zone on the daily chart, although a strong buying pressure has changed the direction of the MACD line. If it crosses from below then we can see a bull run towards the zero levels.

The Relative Strength Index is at 42% which is close to the oversold zone. This means that the selling pressure is high in the market.

XTZ Technical Analysis

An entry can be made if the XTZ price level breaks the support and trades between the $3.683 and $3.5481 range for a few hours. However, any leverage should be avoided to minimize the losses and the ideal stop loss should be $4.1698.