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The Bitcoin price has been improving from the decline that it saw last week. Along with the Bitcoin industry, the altcoin market has also seen a boom, bringing a higher demand in the short term. With a market capitalisation of $3.16 billion, Tezos was trading at $4.08 at the time of publishing, trying to break the imminent resistance.
Tezos one-hour chart
The Tezos chart above noted that the digital asset was steadily sloping to help at $3.98. When the asset’s valuation reached this mark, it jumped up to $4.09 in resistance. But purchasing demand has been increasing, and the coin could be able to overcome this resistance and rise higher.
Buying pressure is now piling up at the low price of the digital commodity. Volatility in the industry was greater than that seen in the inactive market. This was an indicator of the rising price of the XTZ, while the signal line noticed a potential flip as the price candles were going higher.
Despite rising prices, Awesome Oscillator indicated a change in momentum into the negative region. However, as more investors rush to the XTZ market, there will also be a flip in the momentum.
The relative strength index indicated an increasing purchase pressure on the market as the value of the metric shifted away from the oversold region. RSI was currently working towards a balance, which would mean that the pressures to purchase and sell would go down.
Take Profit: $4.23
Risk to Reward: 1.81
The Tezos demand increased at the time of writing and is prepared to break the resistance at $4.09. The traders would be willing to make a profit of $4.23.