Tezos (XTZ) Draws a Bullish Divergence on the Daily Chart

  • Tezos holds a bullish yet volatile momentum on the daily chart as on the intraday; candlestick turns down below 38.20% Fib Retracement level
  • The 20-day Bollinger Bands laid are seen widening, projecting the upcoming volatile days
  • XTZ coin has managed to regain support from 50-day and 200-day daily MA after it successfully rebounded above $2 and $1.5 respectively
  • On the downside, $0.9892 is the major monthly support to watch out for that was breached after hitting a 7-month high at $3.95 briefly, in February 2020
  • Tezos’ monthly and daily chart draws a bullish picture with a constant uptrend noticed yet the intraday looks skeptical
  • The RSI has managed to stay above 40 on the 4-hourly chart in April 2020, showing no intense selling pressure

Tezos Price Analysis

XTZ News
XTZ/USD Chart By TradingView

On the daily chart, the Tezos price trend managed to rise above 38.20% Fib Retracement level until the coin pulled back in the intraday to slip between 38.20% and 50.0% Fib. Just when the coin was drawing a bullish divergence above 38.20% Fib, it breached the upper 20-day Bollinger Band that is projecting volatility. However, there happens to be steady support at $2.3, $2.0, and $1.93 (50-day MA).

XTZ Price News

On the 4-hourly chart, Tezos has drawn a notable uptrend against the US Dollar over the past 30 days, and as the month is near to closing, we see a slightest of a dip below $2.8, which happens to be a monthly resistance. Once the coin crosses above the given resistance, it is ought to have a bullish divergence. On the 4-hourly chart as well, XTZ has managed to gain support from 50-day and 200-day daily MA at $2.5 and $2.05, respectively.

The MACD laid along the XTZ price trend draws a bearish crossover after the coin dipped below $2.89 trading price, and the RSI lies at 60.32 with no trading extremities because there happened to be no steep aversion. Based on XTZ Forecast and current trend, the currency might retest 50% fib level soon and if it continues, it might trade below $2.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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