Tezos, one of the top performers of the global cryptocurrency market, is seen trading with an intraday marginal gain after having tested 3-week support at $2.02, while currently trades at $2.22. The current trading price is not drawing a complete bullish crossover, and the bearish sentiment coexists.
However, until half a day yesterday, the major altcoins, including XTZ, were seen setting back, but the largest cryptocurrency by market capitalization was seen going against the cumulative market momentum, resumed trading above $19k, and continues to trade in the same range even today.
The current price movement of XTZ/USD may not completely appeal to the investors, but we cannot ignore the fact that it has been one of the performers, and it was in the previous quarter when XTZ hit a YTD high at $4.5.
IMO, #Tezos is one of the best tech project in crypto world. If I could give an advice to @Tezos and @TezosFoundation, I would say we need marketing to get adoption, but nothing kills adoption faster than confusion also. Make it easy, non-techy and newbie-friendly. We will win!!
— Thien Le (@LeDucThien89) December 13, 2020
Even though Tezos is not holding a distracting price movement, many variables make Tezos one of the best crypto projects. Many of these are promising market capitalization, and trading at $2.21 makes it one of the most investor-friendly prices to splurge into digital assets with a lucrative earning.
Tezos Price Analysis
Today, the currency was seen trading around $2.21 after reflecting an intraday growth of about 8-9% from trading around $2. The intraday positive sentiment may take over, but a cumulative bullish move is away now as the Tezos price dropped gradually after the recent high at $3, hit in the last week of the previous month.
Tezos Fails to have a Concurrent Momentum with Bitcoin
Although Bitcoin was seen gaining massive attention when it broke above the major resistances in the previous month, the altcoins could not match the traction anyway. With this lack of momentum, XTZ currently holds no support from 200-day MA that lies at $2.6 and holds slight support from 50-day daily MA at $2.17.
The price trend of the XTZ coin is inclined towards the lower band as the negative sentiments prevail, but the bands do not hold any trading extremities. The MACD indicator reflects a mix of bullish divergence with a slight negative crossover as the reconciliation of the price of Tezos lacks traction. The RSI is away from hitting either the overbought or oversold region, lies at 48.54. As per the current price movement and XTZ Coin Price Prediction, the currency might reflect a breakout as per the formation of Bollinger bands. If the Tezos price corrects downwards, it will cross its major support of $1.5. On the upside, it might retest the $3 price mark.