Tezos’s price rallied more than 10% and it crossed the $3.000 resistance against the US Dollar. It seems like XTZ is following Chainlink’s (XTZ) rally and aiming more upsides in the coming days.
- XTZ started a strong increase above the $2.500 and $2.750 resistance levels against the US dollar.
- The price traded to a new monthly high at $3.050 and it is currently correcting lower.
- There is a crucial bullish trend line forming with support at $2.650 on the 4-hours chart of the XTZ/USD pair (data source from Kraken).
- The pair could correct lower in the short-term, but dips are likely to find support near $2.750 or $2.650.
Tezos (XTZ) Rallies 10%
Recently, there were strong gains in LINK and XTZ against the US Dollar. LINK traded to a new all-time high above $8.000 and it seems like XTZ is also following a similar pattern.
Tezos’s price started a strong increase from the $2.450 support level and the 100 simple moving average (4-hours). The bulls were able to clear the $2.500 and $2.750 resistance levels. It opened the doors for more gains above the $3.000 level and the price traded to a new monthly high at $3.050.
It is currently correcting lower and trading near $2.980. An initial support is near the $2.950 level. It is close to the 23.6% Fib retracement level of the recent rally from the $2.585 low to $3.050 high.
XTZ price breaks $3.00. Source: TradingView.com
On the downside, the first major support is near the $2.800 level or the 50% Fib retracement level of the recent rally from the $2.585 low to $3.050 high. Moreover, there is a crucial bullish trend line forming with support at $2.650 on the 4-hours chart of the XTZ/USD pair.
The trend line support is close to the previous breakout zone at $2.700. On the upside, the price might struggle to settle above the $3.000 resistance. If it succeeds, it could open the doors for another increase. The next key resistance could be $3.250, above which the bulls might aim a new all-time high (similar to chainlink’s price) in the coming days.
Dips Remain Supported
If XTZ price corrects lower, the bulls are likely to protect the $2.800 and $2.750 support levels. The main support is near the $2.700 and $2.650 levels, below which the price might move into the red zone.
The next key support could be $2.450 or the 100 simple moving average (4-hours). Any further losses may perhaps lead the price towards the $2.200 level.
4-hours MACD – The MACD for XTZ/USD is gaining momentum in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI for XTZ/USD is currently approaching the overbought zone.
Major Support Levels – $2.950, $2.800 and $2.750.
Major Resistance Levels – $3.000, $3.250 and $4.000.
Risk disclaimer: 76.4% of retail CFD accounts lose money.