Rajarshi Mitra
Independent Analyst
- The price currently faces strong resistance at the 50-day SMA ($2.12).
- XTZ has flashed the sell signal in the 4-hour chart with a green-nine candlestick.
After reaching a high of $2.40 on October 13, XTZ charted a series of lower highs and lower lows, reaching $1.87 on November 4. Since then, the bulls have made their comeback and managed to stay in control for four straight days.
XTZ enjoys bullish price action
This Friday, Tezos jumped up from $1.88 to $2.10. In the process, it managed to reverse the parabolic SAR from bearish to bullish. Presently, the bulls are looking to break above 50-day SMA ($2.12). If they manage to do so, the “Ethereum killer” should be able to reach $2.70, which sees a confluence of the 100-day SMA and the 200-day SMA.
XTZ/USD daily chart
Adding further credence to this bullish outlook is the moving average convergence/divergence (MACD). The metric shows that the recent positive price action has shifted the market momentum from bearish to bullish.
Tezos MACD
However, despite all these bullish technicals, it does look like XTZ may face a short-term price retracement soon. In the 4-hour chat, Tezos has started flashing the sell signal in the TD sequential indicator with the green-nine candlestick. This suggests that a retracement till 100-bar SMA ($2) may be in order.
XTZ/USD 4-hour chart
As such, we can safely conclude that Tezos will face a short-term rejection at the 50-day SMA ($2.12) before it attempts to climb back up.
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