- Tezos token has escaped from the large rounding bottom pattern over the monthly time frame and is now heading to retest the breakout point.
- The crypto asset is trading under the solid bullish momentum while placed above its vital moving averages of 20, 50, 100, and 200-day lines.
- The pair of XTZ/BTC is trading at 0.0001774 BTC with a 24-hour increment of +4.18%, and the ratio of XTZ/ETH is CMP at 0.002521 ETH with an intraday gain of +6.17%.
Tezos token at the monthly chart has given a breakout from the large rounding bottom patterns, with all technical parameters are favoring bulls. The digital asset is presently trading above its vital moving averages of 20, 50, 100, and 200-day lines. Volume activity over the monthly chart also increases and jumps above-average the volume line.
XTZ is currently facing little pressure on the higher side, and as a result, the coin is heading to retest its breakout line. However, the coin is presently reaches near its overbought zone, and a minor pullback is expected. Support on the lower side is $6.64 and $5.35, whereas resistance on the higher side is $9.20 and $10.00.
Tezos token is trading near the overbought zone and can face minor selloff
Tezos token at the weekly chart is trading near the overbought zone and can face minor selloff from the higher levels. Volume over the 4-hour time frame is average and needs to grow more in upcoming trading sessions. The technical parameters are reaches under the overbought zone after a strong rally from lower levels. At present, the bulls have to maintain caution with longs, as the counter is overheated. XTZ token is trading at $8.49 with an intraday gain of +5.42%, and the volume to market cap ratio is 0.3051.
Relative Strength Index (CAUTION): Tezos token RSI is trading under the overbought zone, after a good positive rally from lower or oversold levels. The coin is currently trading sideways, with minor pressure near the higher area and CMP at 69.
Moving Average Convergence Divergence (CAUTION): The daily chart indicates a bullish trend at the 4-hour time frame. At the same time, the buyer’s signal line (green) needs to maintains caution with longs.
Support levels: $6.64 and $5.35
Resistance levels: $9.20 and $10.00.