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
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).
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 current trend, the currency might retest 50% fib level soon and if it continues, it might trade below $2. Read more about XTZ price prediction by CryptoNewsZ to find more information about future price prediction to enhance your knowledge about the same.
