Tezos Price Movement Analysis for 18th February 2021

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With the value of bitcoin rising to touch yet another all-time high above $52k, the market’s altcoins also grew. With a market capitalisation of $3.6 billion, Tezos was ranked 24th in the CoinMarketCap rankings. It should be noted, however, that the price of XTZ was close to its peak at press time after the crypt was rejected at its immediate level of resistance.

Tezos daily chart

Tezos’ [XTZ] daily chart pointed out that since the beginning of February, the price has shown a clear uptrend. This surge was enclosed in the ascending channel, which was followed by a breakdown.

The break of the trend in XTZ charts indicated that $4.15 was a good immediate support for the value of the crypto-asset. Tezos’ price has been heading sideways for the past few days, in the range between $5.75 and $4.15.

Reasoning

Tezos’ cryptocurrency market has recently reached a new all-time high, and the market momentum has stayed high since then. The same thing was pointed out by the Amazing Oscillator, with the indicator noting a drop after the breakdown. However, this did not mean a bearish takeover, as the market was still overwhelmingly bullish at press time.

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The Bollinger Bands were diverging, suggesting that the market of Tezos was full of uncertainty. However, with the price momentum decreasing, the price of the crypto could continue to move along the current range.

Finally, the Relative Strength Index pointed out that the crypto-asset lay in the over-purchased region before slipping below it. With the value of XTZ still high, traders were still buying a digital asset because the RSI was still close to the over-purchased zone.

Conclusion

Tezos’ daily chart depicted a breakdown of its ascending channel trend, after which the value of XTZ almost collapsed by 35%. However, the price of the crypto had started to rebound, with XTZ hanging on to the $4.15 price range for press time help. The value of the cryptocurrency can remain within this amount if the market volatility decreases.

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