Tezos price analysis: XTZ warns short sellers to cover their short positions

• Tezos gives traders price in a rising wedge pattern in terms of the 4-hours price chart.
• Tezos traders saw a sudden buying force last night, resulting in a 200% increase in trading volume after a week.
• The Tezos coin pair belonging to the bitcoin pair is up 10.4%, and trades at 0.00007792 Satoshis.

Tezos coin surpasses its range bound market. Thus, the XTZ price outlook appears to be slightly bullish as the price action continues to move higher, forming a higher-low pattern in the context of the daily price chart.

Tezos on 4-hours graph

In terms of the 4-hours price scale, the XTZ coin is looking inside a rising wedge pattern (white). It looks like the bulls are about to break this bullish range before the intraday trading session ends.

Meanwhile, the monthly low of $1.195 acted as an important defense level for the bulls. Amid a bullish move, the XTZ coin is trading at the $1.66 mark against the USDT pair at the time of writing.

If buyers manage to break this bullish range, they may face a struggle near the $2.0 level. However, the trading volume also increases gradually. Therefore, Tezos traders saw a sudden buying force last night, resulting in a 200% jump in trading volume after a week.

According to CMC, the market capitalization of the Tezos token has increased by 9.8% in the past 24 hours to more than $1.4 billion. Similarly, the Tezos coin belonging to the bitcoin pair is up 10.4%, trading at 0.00007792 Satoshis.

XTZ on daily price graph

Kava is up 50% in the last 10-days Tezos coin is looking above the 20-day exponential moving average in the context of the daily price chart. Now the 50 EMA is yet to be breached.

The Daily Stoch RSI seems flat in an overbought zone. What do you think, will XTZ price reverse at the 50 EMA or not?

Conclusion

There is no doubt that the Tezos coin outlook is bullish inside a falling wedge pattern. It looks like the bulls are about to break this bullish range before the intraday trading session ends.

Support level- $2.0  and $1.4

Resistance level – $2.5 and $3.0

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.