On Feb 9, the XTZ price broke out above an important resistance area found at $1.70. Since then, it has increased by almost 80%.
Tezos (XTZ) Price Highlights
- There is support at $2.50 and $1.70.
- There is resistance at $5.05-$6.00.
- The price is following an ascending support line.
- The medium-term RSI is bearish.
*For XTZ/BTC, BeInCrypto previously predicted the creation of a new all-time high. Since XTZ is in the price discovery phase for its BTC pair, this article will only focus on the USD pair. For the full XTZ/BTC analysis, click here.$XTZ #TEZOS
— Michaël van de Poppe (@CryptoMichNL) February 24, 2020
Hit the $4 target area here and starts to consolidate.
Potential long zones for me are $3 and $2.50.
Breakout above $4 and I'm aiming for $6 / $7. pic.twitter.com/4S4Tujlb7J
Important Areas
The main resistance area was initially found at $1.70, but the price broke out in February 2020. There are not that many significant areas near the current price. The closest support is found at $2.50 while the main resistance area can be found between $5.50 and $6.00. While the weekly RSI is deep into overbought territory, it has not generated any trace of bearish divergence, so it is possible that the current move will continue.
Possible Decrease
The XTZ price has been following an ascending support line since Feb 9, right around the time it broke out above the main resistance area of $1.70. However, the price is considerably above this line now, and unable to use it as support. Furthermore, the 12-hour RSI has generated a considerable bearish divergence. It would not be surprising if the price were to decrease and validate the confluence of the ascending support line and support area.

Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.
Sponsored
Sponsored