- 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
 (5)-637302078687079154.png)
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
IRS says crypto staking should be taxed in response to lawsuit
The IRS stated that rewards from cryptocurrency staking are taxable upon receipt, according to a Bloomberg report on Monday, which stated the agency rejected a legal argument that sought to delay taxation until such rewards are sold or exchanged.
Solana dominates Bitcoin, Ethereum in price performance and trading volume: Glassnode
Solana is up 6% on Monday following a Glassnode report indicating that SOL has seen more capital increase than Bitcoin and Ethereum. Despite the large gains suggesting a relatively heated market, SOL could still stretch its growth before establishing a top for the cycle.
Ethereum Price Forecast: ETH risks a decline to $3,000 as investors realize increased profits and losses
Ethereum is up 4% on Monday despite increased selling pressure across long-term and short-term holders in the past two days. If whales fail to maintain their recent buy-the-dip attitude, ETH risks a decline below $3,000.
Crypto Today: BTC hits new Trump-era low as Chainlink, HBAR and AAVE lead market recovery
The global cryptocurrency market cap shrank by $500 billion after the Federal Reserve's hawkish statements on December 17. Amid the market crash, Bitcoin price declined 7.2% last week, recording its first weekly timeframe loss since Donald Trump’s re-election.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.