The Tezos (XTZ/USD) Market Is Well Positioned to Take on the $1.100 Price Level
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As the Tezos market reaches new highs, it appears to be garnering increased bullish sentiment. Toward the end of the previous year, the bull market reached a peak above the $1.100 price level, specifically around $1.133, before experiencing a brief price retracement that established a support level near $1.006. This newly established support level is pivotal for the retest of the $1.100 mark. While the resistance level appears robust, the prevailing bullish sentiment, which has propelled the price upward from the $1.006 level, may sustain the momentum of the bull market.
Tezos Market Data
- XTZ/USD Price Now: $1.066
- XTZ/USD Market Cap: $1,042,196,680
- XTZ/USD Circulating Supply: 965,591,609 XTZ
- XTZ/USD Total Supply: 986,564,995 XTZ
- XTZ/USD CoinMarketCap Ranking: #69
Key Levels
- Resistance: $1.15, $1.200, and $1.250.
- Support: $0.920, $0.900, and $0.800.
Tezos Market Forecast: Analyzing the Indicators
Although the bearish sentiment around the $1.100 resistance level appears strong, as it has held since December 27, it has also been sufficient time to attract more bearish traders to this price level. However, the prevailing bullish sentiment is now steering the Tezos market back towards a bullish trajectory. Today’s trading activity, as represented by the candlestick chart, exhibits a notable upper shadow, indicative of the presence of bears congregating around the $1.100 mark.
With the Relative Strength Index (RSI) indicating market momentum around the 62 level and the candlesticks displaying signs of bullish recovery within the current trading session, the bears at the $1.100 level may need to yield to the advancing bull market.
XTZ/USD 4-Hour Chart Outlook
In the current 4-hour timeframe, we observe the emergence of a doji candlestick with a more pronounced upper shadow than the lower shadow. This pattern is manifesting at the zenith of a bullish trend, closely aligned with the pivotal $1.100 price level. The extended upper shadow within this 4-hour session suggests heightened buying interest, driving the price upward. The market retracing to its starting point could be interpreted as a cautionary signal. However, when juxtaposed with the volume histogram indicator, the evolving market expectation lacks definitive confirmation. Consequently, a reversal may not be imminent, and the bullish trend could persist.
