XTZ token price increases with the new-found bullishness near the 50-day EMA. However, the $6 mark will act as a strong resistance zone.
With the market currently in a downturn, investors are looking to buy XTZ to increase their returns. Over the past few days, the coin has emerged as a haven for many investors, posting impressive gains even while other coins’ prices slump.
Tezos is one of the oldest and most popular blockchain platforms in the world. A self-styled “self-amending” blockchain, Tezos is a proof-of-stake chain that offers peer-to-peer transactions through its platform and its XZT cryptocurrency.
Let us now look at the technical analysis of XTZ cryptocurrency.
On 25th September, the XTZ coin price made a high of $7.5. However, a supply dump near the high led to a downfall. On 28th September, the XTZ coin price closed at $5.4. Thus, resulting in a bearish move of more than 25%.
Due to the downfall, the Tezos crypto breaks below the support zone near $6. However, the 50-day EMA reverses the trend with the recent bullish candle in formation.
Source - Tradingview
At the time of writing, XTZ cryptocurrency is at $5.79. Additionally, it has experienced a gain of 5.40% since the opening. Thus, resulting in a bullish candle formation.
The Tezos cryptocurrency price may encounter resistance at the $6 zone. This would increase bearishness. The breakout possibility of the $6 mark is however high.
The central line is reached when the slope of the RSI indicator begins to climb. The RSI indicator has moved higher from the recent dip to 45%. This indicates a rise of underlying bullishness.
XTZ crypto trades above the essential Exponential Moving Averages on the daily chart. Furthermore, the 50-day EMA pushes the price higher with increased bullish momentum.
The MACD and signal lines are higher than the zero mark on the daily chart. The lines could soon produce a bullish crossover. Thus, indicating a buy signal.
Tezos' technical analysis indicates that the XTZ token may show a bullish reversal. There is an increase in bullishness near the 50-day EMA. The current rise in buying pressure could lead to an uptrend. Investors may need to wait for the trend to clear before investing.