By Nathan Ferguson
- Tezos price flashes bullish outlook today.
- XTZ/USD exchange hands around $4.29 at the moment.
- The altcoin’s resistance sits at $4.53.
Tezos (XTZ) flash bullishness today as the token starts to recover from the latest slump by bears. The alternative coin experienced a two-day bearish move. The crash was intense on the first 24 hours of the plummet as the alt endured a massive fall. Though the asset is yet to witness colossal surges, the recovery has reversed trends, printing an attractive outlook for the coin. While publishing this content, the currency hovered at $4.41.
Technical indicators suggest upward continuation. However, there’re no guarantees when dealing with the crypto market. For now, the asset’s price action has secured solid support at $4.23. Any move to breach this area will translate to another value fall towards $3.75. Meanwhile, Tezos has not broken the $4.53 – $4.23 trend range, so the downward narrative is possible.
For now, XTZ concentrates on $4.23 (its current support). The asset has to keep this level since breaking it will mean a downward ride to $3.75. The daily charts show MACD moving up, a positive gesture for XTZ. Fibonacci levels suggest Tezos will continue its rise towards $4.40.
The Relative Strength Index (RSI) also shows a lucrative trend. However, that might not mean anything for Tezos’ price actions. The Stochastic Oscillators appear more precise, but they are red also.
The crypto has resistance at $4.53, then $5.02. XTZ has to overtake these levels for higher moves past $5, forming another ATH.
XTZ will enter into a neutral trend after breaching the $4.31 mark. Failure here might push the token to today’s lowest levels. That way, Tezos will create a lower high at $4.30.
Though the bullish case for Tezos’ price movements today, the asset will hardly surge past the $4.40 mark. Remember, the token does not have multiple developments to support the price function now. However, the predicted bullishness in early 2022 can bolster Tezos if it persists in with its current strength. Increased bullish activities will see XTZ overcoming the $5 mark to register a record peak.