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Cryptocurrency News Articles

Tezos Poised to Surge Past Previous Highs, Technicals Hint at Bullish Trajectory

Mar 27, 2024 at 01:36 am

Tezos Poised to Surge Past Previous Highs, Technicals Hint at Bullish Trajectory

Is Tezos Poised for a Continued Surge, Surpassing Its Recent Highs?

The Tezos (XTZ) crypto asset has been on a tear, soaring by an impressive 24% over the past week. This surge has propelled the XTZ price above its 20-day exponential moving average (EMA), a bullish signal indicating that it is in a strong position.

A Bullish Trajectory: XTZ's Rise and Shine

The Tezos price has been consistently bullish, notching a 102% gain since October. This upward trend has been characterized by a series of higher highs and higher lows, demonstrating the dominance of buying pressure. On March 13th, 2024, XTZ reached its 52-week high of $1.60. However, profit-taking activities in mid-March led to a 26% decline in price within a week.

Technical Indicators: A Positive Outlook

From a technical analysis perspective, the XTZ price has been buoyed by support from a trendline. After facing resistance at the $1.60 hurdle, the price retreated to the trendline and has since bounced back. This recent surge has pushed the price up by 24% in just a week's time.

Volume and Price Dynamics: A Cautionary Note

An examination of Tezos' price and volume data reveals a potential concern. While the price has risen, trading volume has declined from $143 million to $38 million over the past month. This divergence suggests that the price increase may not be as robust as it appears. Furthermore, a significant 50% drop in trading volume over the past five days raises questions about the sustainability of the current upward momentum.

Social Sentiment: A Mixed Bag

The graph of Tezos' social dominance and volume shows a positive trend over the past few months, which has contributed to the price's bullish performance. However, a reversal of this trend could impact the price negatively. On the other hand, increased awareness and positive sentiment towards Tezos on social media platforms like X, Instagram, and Telegram could bolster the XTZ price.

Bullish Trend Continues: Crossing the $1.60 Hurdle

The technical outlook for Tezos remains positive. The price is holding above the 20-day EMA, and if it can maintain this level, it may rally towards the previous swing high of $1.60. A breakout above this level could signal a sustained bullish trend.

Technical Levels: Key Support and Resistance

Key resistance levels for Tezos lie at $1.40 and $1.60. Support levels can be found at $1.20 and $1.10. If the price falls below the 20-day EMA, it may retrace to the trendline. A failure to hold the trendline could trigger profit-taking and a negative price trend.

RSI: Bullish Momentum Gathering

The Relative Strength Index (RSI) currently stands at 55, indicating that the market is in an uptrend. Additionally, a bullish crossover between the RSI and its moving average has occurred, further supporting the positive price momentum.

4-H Timeframe: Buyers in Control

In the 4-H timeframe, buying pressure has been evident over the past few days. The price has pulled back and surpassed the 200-day exponential moving average. If buyers remain strong, the price could approach the 52-week high. However, a drop below the 200-day EMA could shift the momentum in favor of sellers and erode previous gains.

Conclusion: A Bullish Outlook, But Caution Advised

Based on the technical analysis, Tezos is currently in a bullish trend, with strong price movement and positive momentum. The technical indicators suggest the potential for further upward movement, but it is important to remain cautious and aware of potential risks. Monitoring key support and resistance levels, as well as volume and social sentiment, will be critical for making informed trading decisions.

Disclaimer: This article is provided for informational purposes only and should not be construed as financial advice. Please conduct your own research before making any financial decisions.

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