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Disclaimer: The findings of the following article are the author’s only opinion and should not be considered investment advice
Tezos At the time of writing, XTZ is trading at $2.40 and has a market capitalization of $1.8 billion, making it the 22nd largest cryptocurrency in the world. Since XTZ has risen 2.1% in the past 24 hours, the digital asset appears to be expected to rise further on the price chart.
Tezos 4 hour chart
Resources: XTZUSD On TradingView
The 4-hour chart of XTZ highlights the formation of a fractal that first appeared in December 2020. The fractal has two different peaks, followed by a steep collision. The crash rebounded from the support range, and then the cryptocurrency surged 10-15%. As of press time, although this fractal has repeated itself, XTZ has not experienced a surge in the support range. Therefore, XTZ seems bullish in the short to medium term.
Market principle
In addition to fractals, the RSI indicator also showed a slow but steady rise above the neutral area, indicating a surge in buyer momentum. In addition, the random relative strength index emphasizes the surge from the oversold zone, which reflects the momentum of the aforementioned buyers.
Last but not least, the MACD indicator also shows a decline in the red histogram and indicates a decline in selling pressure. In addition, MACD also showed signs of waiting for a potential bullish crossover, further highlighting the rising buying pressure.
Overall, XTZ seems to be ready for a surge, especially considering its position at the support level of $2.15 to $2.25
Level to pay attention to
The current rise is expected to drop to $2.338, which would be a good starting point. In general, during this period of rising, Tezos is expected to achieve growth of 10% to 15% without much downside risk.
Getting started: $2.3384
Stop loss: $2.1955
Profit: $2.7149
Return risk: 2.63
However, it should be noted Altcoin Tend to follow king coins, and for obvious reasons. Therefore, Bitcoin crash This fractal and long positions may be controversial. So pay close attention to Bitcoin Trends will help determine the credibility of XTZ fractals.
