Tezos Price Analysis – Will XTZ break the $3.00 Resistance?

The crypto market is recovering from yesterday’s bearish phase. At the time of writing, XTZ is the leading in terms of growth with a 6% rise. whereas Tether is still in a bearish trend with -0.52% loss.

Tezos (XTZ) Price Analysis

Tezos price started showing positive momentum in the market since facing heavy price corrections for a while. Reaching its crucial support level of $1.50 can be one of the reasons for the bullish momentum. 

However, now that the crypto asset is sustaining on the bullish momentum for the second consecutive date, it can be said that XTZ bulls are back in action.

At the time of writing, the XTZ coin has surged 6.03% against USD and is trading at $2.81 USD. In terms of XTZ/BTC, the price surged by 2.09% trading at 0.00031038 BTC respectively. 

Currently, the coin is ranking in 10th position, holding market cap  $1,993,376,840 USD with $290,932,783 USD 24 hour volume and 709,387,944 XTZ  circulating supply

Tezos Technical Analysis

The technical chart is showing bullish momentum from the start of this month. It started the year with a price of $2.50 and went to the highest at $2.80. It attempted to cross a $3.00 mark in which it failed miserably and resulted in the downfall of the prices.

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The technical indicators

RSI is reaching the bullish level of 60. However, it is vulnerable to the overbought region which may provide it a negative divergence.

CCI is attempted for the overbought region after a positive divergence from the peak of oversold territory. This indicates that XTZ Price can be able to sustain on the bullish momentum built in today’s market and would be able to cross the crucial mark of $3.00.

MACD levels, however, indicate a strong bearish phase for the altcoin due to the bearish cross developed in the bullish zone. It also indicates that there is potential that XTZ may face heavy selling volume in upcoming days or so.

Resistance levels: $3.00

Support levels: $2.50 and $2.20

What ignited XTZ Price to surge?

Tezos recently teamed up with Chainlink to provide access to real-time data feeds. The move will allow smart contract developers on Tezos to connect with off-chain resources through Chainlink’s decentralized oracle network.

“Providing Tezos developers with the most secure and reliable oracle solution is essential to advancing the Tezos ecosystem… Chainlink’s secure decentralized oracle network makes possible a plethora of new use cases across DeFi, Equities, Insurance, and much more,” said Vishakh, co-founder of Cryptonomic.

The integration not only makes it easier for developers to build on top of Tezos, but it also expands Chainlink’s utility.

Both of these crypto projects will likely see the results of this partnership in the long-run. But, in the meantime, it appears to have sparked interest among market participants.