Tezos (XTZ) Price Analysis – May 2
For Tezos markets, the trend has remained bullish for the past a month now. On the XTZBTC market outlook, the bears are losing momentum as price nears a tight angle on the wedge. XTZUSD market, on the other hand, follows an ascending broadening wedge formation as bull gains momentum. However, a breakout is expected to play out.
Resistance levels: $1.5, $1.7
Support levels: $1.2, $1
Looking at the 4-hours chart, Tezos has been on a rise for the past weeks following a bullish broadening wedge. The bears are strongly in control of the market with a current move heading towards $1.5 resistance level. And if price furthers above the said level, the $1.7 resistance would be visited.
For a price drop, potential support is located at $1.2 level, bottoming on the lower channel. Surging below the support may position the market in a bearish condition after testing a crucial level of $1. As shown on the current Stochastic RSI, XTZ is trading at the overbought area. If the pressure drops, we can expect the price at the mentioned support levels
On the 4-hours RSI, a bullish trend is revealed. The trend may run out of momentum after reaching the overbought territory.
Following an ascending wedge, Tezos has been trading within this trend lines since the beginning of April. The bulls are nearing exhaustion as the market approaches the end of the angle, a tight range for a potential breakout.
Meanwhile, XTZ targets a major resistance level at 26500SAT; a minor level of 24000SAT needs to be breached before the actual target. Below the wedge, the bear is likely to find support at 20000SAT, 18000SAT and 16000SAT levels respectively. Above the wedge, the bull may meet 28000SAT resistance level and above.
As revealed on the 4-hours RSI, XTZ is bullish as the market can still accommodate a further move. The 4-hours Stochastic RSI is revealed close to the overbought level, indicating a positive move.
Please note: Cryptovibes.com is not a financial advisor. Do your own research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.