The price of Tezos has just surpassed the long-held key resistance at the $3.0 level. In the meanwhile, the price sentiment remains bullish amid a 24-hour 12% price gain which has turned market sentiments towards the buyers.
Tezos remains in gains in all possible timeframes. From a 4.5% gain within the last hour to gaining 14.4% within the last day, Tezos price keeps accumulating concurrent price surges.
Altogether spelling bullish for the top cryptocurrency, Tezos price increased by around 33.3% in the last 7 days and 28.7% within the past 2 weeks. The 30-day and 1-year price changes also leave its investors with greener pastures. Both positive difference are found at 14.1% and 182.9% respectively.
At present Tezos is trading at 3.02 against the USD and its market capitalization increased appropriately to about $2.178 billion. Also, the exchange volume within the last 24 hours remains impressive, while hovering around $269 million.
XTZ/USD Technical Analysis
The Resistance Strength Index has just broken the 70.0 overbought condition level. The bulls look stronger here and may rally towards the 80.0 mark. In this event, Tezos price may skyrocket towards $3.5 in the short term.
However, amid the ongoing bull market, it is expected that a little price correction would occur. This may open an opportunity for the sellers to drag prices back to the next support level at the $2.86 area (1.68 Fibonacci retracement level). Further support in the case of a strong bear takeover lies at $2.81.
Although, from here, the market may rally upwards to higher heights. The immediate resistance level waits at the 80.0 RSI level. The corresponding price tag is at $3.15 level. Beyond this, prices will face additional resistance at the $3.35 and $3.5 levels respectively.