Tezos Price Prediction: Can XTZ Crypto Ascend to $2 This Year?

• Tezos price prediction focuses on the recent recovery after a strong downtrend.
• XTZ Crypto reported a year-to-date growth of 24.72%
• XTZ price made a new all-time low at $0.649

Tezos’s (XTZ) price prediction highlights the recent recovery of the XTZ token after the fall, which began in February 2023. It was preceded by a bullish rally of 115% from its swing low of $0.714 to the resistance of $1.485. This bullish momentum came to an end when the bears took control and unleashed their dominance by pushing the price down by 56.16%, leading to a new all-time low at $0.648. Since then, the XTZ price has made a moderate recovery, which can be analyzed on the daily chart.

At the time of writing, the current market price of XTZ tokens is $0.8936.  The 24-hour trading volume surged 90.03%. The market is up 7.14% in the last 24 hours. The overall market cap of XTZ is $844,759,049.

Can Tezos Break the Resistance to Continue its Recovery?

Tezos’s (XTZ) price prediction uncovers the strong downtrend of the XTZ token that has been falling since getting a rejection from the resistance of $1.485. The downfall forced the price to break an important support level of $0.714, where the XTZ token bottomed out at a new all-time low of $0.649.

However, the bulls came to rest and immediately pulled the price from the depths. The XTZ price has made a bullish recovery of 45% to the resistance of $0.946. The market has flipped the 9 and 15 EMAs, but the 200 EMA remains a major hurdle. Unless the price breaks the 200 EMA, the trend will not change in the longer timeframe.

Will XTZ Sustain Its Bullish Momentum?

The 4-hour chart claims that the XTZ token has been trading in an uptrend since June 2023. The market climbs while making a series of higher highs and higher lows. The price action shows the formation of an ascending channel as the prices move up. The market has flipped the 200 EMA, hinting at a reversal in the short term.

The market has been green for the past few days. However, the overall trend is bearish. This bullish trend can be a pullback from the recent swing low. Also, the ascending channel has a bearish bias and can be taken as a bear flag in a strong downtrend. If the price breaks below the channel, it can trigger panic selling, leading to a sell-off.

RSI: The RSI indicator is currently at 61.88. It represents a bullish to a sideways condition where the market moves up aggressively if the RSI goes below 70.

MACD: MACD is making a bullish crossover above the 0 line. It suggests that the correction may be getting over soon and the price may continue to move up until the MACD makes a bearish crossover.

200 EMA: On the 4-hour chart, the price is trading above the 200 EMA. This is a bullish sign indicating that the buyers are in control. The 200 EMA acts as a dynamic support, and the prices may continue to move up until the price breaks below the indicator.

Conclusion:

Tezos’s (XTZ) price prediction highlights the recent recovery of the XTZ token after the fall, which began in February 2023. Although the recent price action has been bullish, the overall trend hasn’t changed yet. A flip above the local resistance and the 200 EMA can confirm a trend reversal and can increase the probability of the XTZ price reaching higher levels. The present volatility can be dealt with through proper risk management.

Technical Levels

• The nearest support level: $0.714
• The nearest resistance level: $0.946

Disclaimer:

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