Tezos (XTZ) Might Challenge $2.5 Daily Resistance – Price Analysis

  • Tezos price trends reveal bullish trends.
  • XTZ has resistance at $2.5.
  • The support level stands at $1.81.

Tezos price reveals bullishness as the alternative token climes towards $2.09 following a slight consolidation around the $1.80 value area. Bulls stepped up to catalyze upside actions after XTZ broke past an ascending triangle setup.

Meanwhile, Tezos dipped into a consolidation period after rising towards $2.49, trading within an ascending triangle setup as bears and bulls battled for market dominance. Bulls saw victory as they drove XTZ to $2.09, eyeing the target at $2.49. Breaking beyond this area would see Tezos exploring $3 soon. However, bears will not surrender without an intense fight.

The past couple of weeks had XTZ price on a tear as the altcoin climbed to $2.49 from $1.81. Nevertheless, Tezos met rejection at these hurdles and dipped into a consolidation period. The token has traded within an ascending triangle formation amidst bears and bulls battle. For now, the crypto contemplates an upside move as bulls enjoy a temporary regime.

For now, the Relative Strength Index hovered within the overbought territory amidst a bullish resurgence. Also, the Moving Average Convergence Divergence stayed in the bullish area and climbed as Tezos price increased.

Tezos has its price beyond its 20- and 50-day MAs, confirming bulls’ presence in the marketplace. Also, the Relative Strength Index remained within the bullish region, but the indicator started to lose strength, highlighting impending corrections.

Meanwhile, the 20-period Exponential Moving Average offers support near the $1.81 mark, whereas the 50-EMA stayed near $2.0. The Moving Average Convergence displays bullishness, with the Signal line crossing beyond the histogram. The RSI hovers within the overbought region, confirming potential consolidation in the coming sessions.

However, XTZ fans should watch broad market actions for profitable activities. Bears remained persistent in the crypto world, annulling all upside attempts. For instance, Bitcoin trades beneath $30K following the latest upswing beyond the mark.

While publishing this content, Bitcoin traded at $29,620. A move past $30,000 can support upswings in the altcoins, including XTZ. However, maintaining downside tendencies can see Tezos resorting to declines.

By Edward Richardson
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