Tezos Price Analysis: XTZ creeps above key resistance even as key technicals turn bearish
|- Tezos has flipped the 50-day SMA from resistance to support.
- The hourly chart has flashed the sell signal in the TD sequential indicator.
Since November 4, Tezos has been on an upswing as it managed to rise from $1.87 to $2.13. This following a downswing wherein the price dropped from $2.40 to $1.87 between October 13 and November 3. Let’s judge the future price action by checking out some technical analysis in different time-frames.
Tezos flips 50-day SMA from resistance to support
During the current upswing, the "Ethereum killer" has crept above the 50-day SMA ($2.12). By taking advantage of this support level, the buyers will aim to conquer the $2.40 resistance barrier, which has thwarted the price before. The relative strength index (RSI) is hovering in the neutral zone, which shows that the price has more room to grow.
XTZ/USDT daily chart
However, the hourly chart shows that the overall outlook isn’t that optimistic. In this time-frame, XTZ has flashed a sell signal with a green-nine candlestick in the TD sequential indicator. The last time the chart flashed this signal, XTZ dropped from $2.14 to $2.04 in 17 sessions. The 50-bar SMA ($2.10) is a healthy support wall that should cap off the downside.
XTZ/USDT hourly chart
Tezos looks like it will correct itself in the short-term with the 50-bar SMA ($2.10) in the hourly chart acting as a possible target. However, the bulls can regain momentum and aim for the $2.40 resistance barrier. It should be noted that the short-term correction can be invalidated by the 50-day SMA ($2.12), which has previously acted as strong resistance and should now behave like healthy support.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.