- Tezos breaks out towards $3.00 amid an improving technical picture.
- XTZ/USD bullish momentum is reinforced by the RSI and MACD impressive upward movements.
Tezos has been on a formidable rise since the beginning of July. It is joining hands with other selected altcoins such as Ripple, Chainlink and Stellar to kick start the ‘altcoin season.’ The altcoin season is a period in the cryptocurrency market where digital assets except Bitcoin rally. XTZ/USD succumbed to June losses following rejection at $3.00. Fortunately, support at the 200-day SMA saved the bulls a devastating trip to levels under $2.00.
Read more: Cardano Price Analysis: ADA/USD inverted H&S pattern spotted as bulls’ eye $0.15
Recovery has been steady over the last week. XTZ/USD continues to grind closer to the key hurdle at $3.00. The price is already trading above the 50-day moving average; signaling an improving technical picture. A break above $3.00 is seen as a milestone for the buyers as it would improve investor sentiments towards XTZ.
For now, Tezos is exchanging hands at $2.94. The bullish momentum is reinforced by the RSI’s upward movement towards the overbought. The trend since the beginning of July has been in favor of the bulls. With the RSI below 70, there is still room for growth. Moreover, the bullish momentum is supported by the MACD’s cross above the midline.
A bullish divergence from the MACD reflects the gains recorded on the day. If the technical picture remains intact and trading volume balloons, we can expect Tezos to trade above $3.00 in the near term. Higher support also needs to be established preferably at $2.80 to give bulls peace of mind as they focus on bringing down the seller congestion at $3.00.
XTZ/USD daily chart
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