XTZ Price Analysis – November 21
The breakout at the resistance level of $2.2 may likely make the bulls find the resistance at $2.6, and $3.3 levels. In case the market experience a bearish breakout at the $1.7 support level, the price will drop to $1.3 and a further drop could pull the market to $0.6.
Resistance levels: $2.6, $3.3, $3.8
Support levels: $2.2, $1.7, $1.3
XTZ/USD Long-term Trend: Bullish
Tezos is bullish on the long-term outlook. The coin was in the ranging mode last week; this started after the declination of the price from the $4.4 to $1.7 price levels. The bears lose momentum and could not break down the support level. Today, the bulls gather enough momentum and push the coin away from the consolidation zone. The price is facing the north, moving towards the $2.6 resistance level.
The fast-moving EMA (9 periods) is crossing the slow-moving EMA (21periods) upside. The coin has shot up above the two EMAs. The price is targeting the resistance level of $2.6, in which it may be penetrated if the bulls maintain their pressure and the resistance level of $3.3 and $3.8 will be reached. Looking below the current price level are found the support levels; $2.2, $1.7, and $1.3. The relative strength index period 14 is at 60 levels pointing up to indicate a buy signal.
XTZ/USD Short-term Trend: Bullish
XTZ is bullish in the 4-hour chart. The price was trading below the 9 periods EMA and 21 periods EMA at a distance until the support level of $1.7 is tested two times. It looks like a double bottom chart pattern.
The coin is currently soaring towards the resistance level of $2.6 by the strong bullish momentum. The price may increase to test the resistance level of $2.6. Considering the chart above, at the beginning of today’s market, the bulls dominate. The price increase may continue as Relative Strength Index period 14 is exhibiting a bullish signal at 70 levels. Traders can place a buy order (instant execution) at $2.2941 and place the take profit at $2.6577.