Tezos Price Analysis: Will XTZ Breach the SMA of $3.70

• XTZ performed a negative momentum on Thursday’s trading session
• Tezos price is $3.63, which is down by 3.78% in the last 24-hour time-frame and 21.45% down from the previous week
• XTZ/BTC pair is in a downtrend with 3.81% in Thursday’s trading session (0.00007201 BTC)

Tezos had positive momentum on the weekly chart, and it went up to $5.58 on February 14, 2020, while breaking above the resistance zones created in the past. Whereas Tezos price set a mark of an All-time high. Meanwhile, the trading volume of $644,599,873 in the last 24-hour time-frame represents an increase in the value of 1.16%. The XTZ/ETH pair is in a neutral with a value of (0.002240 ETH) which is down by 0.44% on Thursday’s market session.

Tezos (XTZ) Technical Chart Indicates a Positive Momentum

The technical chart of Tezos highlights a positive trend. In contrast, Tezos price is at $3.63. According to pivot points, the critical support level for XTZ is placed at $3.40. Whereas if it moves up, the key resistance level to watch is $3.80. While diving into the weekly chart of a 4-hour time-frame, it completes a bullish hammer candlestick pattern, indicating the bulls might have overwhelmed the bears.

Volume indicator with the value (107.328K) reflects a buying volume in coin. Investors can further expect an increase in buying volume in the upcoming trading sessions.

SMA-200, price is at $3.70, which acts as another strong support in the coin. The price is below the SMA and testing it, investors can expect a bullish trend in the coin if it sustains above the SMA.

MACD indicator (BULLISH), bullish crossover over signal line spotted on February 25, 2021, indicated a buy signal in the coin during the trading session. Also, it denotes the beginning of green bars on Histogram.

RSI indicator (NEUTRAL) with a value of 47 indicates a neutral signal in the coin. One can observe an increase in value in future trading sessions.

Conclusion

XTZ price went down by 3.78% on Thursday’s trading session. The price is below the SMA of $3.70 and testing it, investors can expect the movement of price towards the resistance level of $3.80. All technical indicators recommend a buy signal in the coin. 

Resistance: $3.80

Support: $3.40

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