XTZ presents a bullish picture today.The alt’s nearest support line stands at $4.50.Tezos encounters resistance at a $4.616 area.
Tezos price shows bulls secured a dependable support floor at $4.5, backing buyers for an upward move past $4.600. Meanwhile, the altcoin’s sentiment remains bullish, indicating surges in the near term. The momentum suggests XTZ can test the resistance at $0.70. Nevertheless, the alt depict a positive outlook.
The Moving Average Convergence Divergence affirms the same, sitting in the bullish region. The Relative Strength Index also shows the surging buying momentum, confirming bullish control. Therefore, market players might consider going long after a break past $0.616. Meanwhile, the stop loss is under the $0.50 mark.
However, technical indicators suggest bearish sentiments for the altcoin. For instance, MACD has a reddish histogram. Meanwhile, Exponential Moving Averages had a bullish cross as the 12-EMA stays above the 26-Exponential Moving Average. The Relative Strength Index suggests an oversold situation at 30-mark. That can translate to a bounce, continuing the uptrend.
Meanwhile, XTZ price analysis shows bulls established a reliable support barrier at $4.50, allowing buyers to target levels past $4.600. However, the alt indicates possibilities of near-term surges amid bullish sentiment.
XTZ/USD 4Hr Chart – What to Wait?
Tezos bulls took advantage of the massive footing at $4.50 to launch trend reversals, covering the $4.600 zone at this publication. Meanwhile, the altcoin meets a near-term resistance of around $6.650. The hurdle might lead to bulls stumbling. Nevertheless, buyers have to withstand considerable bearish momentum under $5.00 for the upward case to materialize.
Bollinger Bands contracts, indicating low volatility and potential breakouts. Stochastic oscillator crossed from the oversold territory and eyes up, confirming bulls’ dominance in the XTZ marketplace.
For now, Tezos swims on bullish waves, and it might test the resistance around $0.7 soon. The MACD in bullish territory authorizes the positive market sentiment. Also, the Relative Strength Index suggests increased buying momentum, authorizing bullishness. Therefore, altcoin enthusiasts might consider long positions after XTZ breaks past $0.616, with stop-loss beneath $0.50. However, beware of massive volatility when interacting with cryptos.
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