After breaking up the upward channel that had been outlining the daily chart, Tezos heats up and seeks to confirm a more extended bullish trend.
The digital asset managed to break up the tight upward channel on the daily chart after breaking the $ 2.39 mark. XTZ is currently trading at around $ 2.69, but managed to reach $ 2.75 after extensive daily high. the RSI indicator is now about to enter the overbought zone, however this does not necessarily mean that XTZ will slow down the pace given the enormous momentum obtained by the cryptocurrency.
The upward trend in the daily chart time is still clearly intact as bulls managed to hold support in the exponential moving average (EMA) of 12 periods for three days in a row, not counting the significant movement a few days ago. XTZ has accumulated a 28% increase in its price over the past three days, however the volume has remained stagnant.
Tezos is outperforming Bitcoin
It is evident that XTZ has significantly outperformed Bitcoin’s performance for the past three weeks. Tezos had a 49% rise against Bitcoin counting the past 17 days, which indicates a strong upward movement. In fact, a large amount of momentum can be seen behind this movement.
The daily chart for XTZ / BTC is in a strong bullish trend and appears to be seeking to break historical highs. The weekly chart also shows the same trend after the bulls were able to establish a clear upside bottom at 0.00024 BTC and now tend to look for a break from the last top at 0.0004 BTC to continue the trend.
Similarly, the monthly chart also shows an upward trend, so it confirms that all chart times point upwards. This is extremely positive for Tezos and there is a good chance that we will see the cryptocurrency beat its maxims in relation to Bitcoin.
Tezos seeks healthy consolidation in the short term
Back to the Tezos chart on the USDT pair, we note that the digital asset is now aiming for a brief break and consolidation in order to decrease the RSI level in the shortest chart times. The RSI on the four-hour chart has been in the overbought region for more than twenty hours. The bulls will be able to look at the 12-period EMA as a short-term support reference if the bears manage to bring the price down to $ 2.60 or less.
Any amount above $ 2.06 will form an upside bottom on the daily chart, meaning that bulls have a lot of space to operate. At best, they would like to see Tezos go down to $ 2.50-2.40 to determine another clear upside fund before continuing the bullish trend.
This text does not represent an indication of purchase or sale and is for educational purposes only. Invest smartly.