- The Tezos crypto price has risen by 24% in a week.
- The XTZ price has surpassed the 20-day EMA, showcasing the bulls’ grip.
The Tezos price has been bullish and surged by 102% since October. The price has been rising by forming new higher highs and higher lows for the last few months. The XTZ price recorded a 52-week high of $1.60 on March 13, 2024. After mid-March, the profit booking was seen, and the price declined by 26% in a week.
In a daily time frame, the Tezos (XTZ) crypto price has been surging due to support from a trendline. Recently, the XTZ price faced resistance from the $1.60 hurdle and melted back to the trendline. The price has taken support on the trendline and has risen by 24% in a week.
When writing, the Tezos crypto price was trading at $1.37 with an intraday gain of 1.96%. The market capitalization is $1.34 billion, and the 24-hour trading volume is $38.91 million, which has increased by 34%. The circulating supply is 975,768,947 XTZ, and the total supply is 996,413,450 XTZ.
XTZ Crypto Price-vs-Volume Analysis
According to the graph of price and volume, the trading volume has decreased from $143 million to $38 million in a month, and the price has also declined, but not as much as the volume. In the last 5 days, the trading volume has dropped by approximately 50%, but the price has performed positively. According to the data, the XTZ price may perform negatively.
Tezos Crypto Social Dominance vs Social Volume Analysis
The graph of social dominance and volume has inclined for the last few months, which has positively impacted the price. If this graph falls, then the Tezos price may perform negatively. However, if the awareness and positive information of Texos crypto increase on social media like X, Instagram, and Telegram, it may have a positive impact on the XTZ price.
Tezos Price Has Been in a Bullish Trend; Will It Keep Surging?
The Texos crypto price has taken support on the trendline and surpassed the 20-day exponential moving average. If the price sustains over the 20-day EMA, it may approach the last swing high of $1.60. If the price is sustained near the $0.160 hurdle and triggers a breakout, then bullish momentum in the long term can be expected.
Suppose the XTZ price slips below the 20-day exponential moving average, and then it may easily melt to the trendline. If the Tezos crypto price fails to defend the trendline and sustain itself, then selling pressure can be seen. Investors may prefer to book profits, which may lead to a negative trend.
According to the technical analysis, the Tezos crypto price is trading over the significant moving average, which showcases the bullish trend. RSI is 55, and a bullish crossover between RSI and the RSI-based moving average has been generated, which favors the buying momentum.
XTZ Price Prediction Over 4-H Timeframe
In a 4-H time frame, the Tezos crypto price has witnessed buying pressure for the last few days. The price has triggered a pullback and surpassed the 200-day exponential moving average. If the buyers remain strong, the price may approach the 52-week high.
On the other hand, if the price slips below the 200-day exponential moving average and sustains, then sellers may dominate, and it may erase the previous gains.
Conclusion
Based on the technical analysis, the Tezos (XTZ) cryptocurrency has been experiencing a bullish trend, with the price surging and showing positive momentum. The technical indicators and price movements suggest the potential for further upward movement, especially if the price sustains above critical levels, such as the 20-day EMA and the $1.60 hurdle.
Technical Levels
Resistance: $1.40 & $1.60
Support: $1.20 & $1.10
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.