Tezos (XTZ) Price Analysis – July 4
Tezos’s long opening for the month might set the market on a bull-run as the market recently saw a price break against the Dollar and Bitcoin pairs. The positive signals might active the bulls in the market. We can expect a play out in the next few hours.
Resistance levels: $1.4, $1.5
Support levels: $1.2, $1.1
Tezos suffered a massive decline for over the past weeks which led the market to the $0.9 area, where the lower channel boundary lies. From this area, the trend reverses and the market went up to $1.3 after a channel break-up. Now, XTZ has resumed an upward movement after a slight retracement. The price is currently rising as it may hit $1.4 and $1.5 resistances.
Bullish momentum is confirmed on the common technical MACD and RSI indicators as they switched to the positive areas. Should the bullish fails to power the market, the trend may correct and we can expect the price of Tezos to drop to the break areas at $1.2 and $1.1. However, the XTZ/USD pair is bullish for now.
Against BTC, the XTZ price has eventually broken out after finding solid support at the 0.00008BTC. Signaling a positive move for the monthly opening, the cryptocurrency might recover the past weeks’ massive loss if the buyers can continue to remain active in the market. However, we have seen a positive cross on the 4-hours MACD, which validates an upward move.
Tezos is now trading above the 0.0001BTC, the next key targets for the bulls lie at 0.00013BTC and 0.000145BTC respectively. As of now, the token’s price is stabilizing around 0.0001087BTC. Shorting Tezos below the 0.0001BTC can roll back the price to 0.00009BTC and 0.00008BTC supports. We can see the recent price drop as reflected on the 4-hours RSI. A further drop may plummet Tezos’s price.
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