Price Analysis

Tezos (XTZ) Price May Hit $4.4 By This Weekend To Reignite 40% Uptrend!

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Feb 3, 2022

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Highlights

    Tezos price ranges more than 40% from its yearly lows and cleared the upper strong resistance levels after multiple attempts

    Yet the uptrend may not be still certified as the XTZ price is yet to smash the strong resistance with residing just above the current levels

Bitcoin price is showcasing extreme volatility nowadays but within a very small range. The price is unable to surge beyond $39,000 and refuses to hit the lower support below $33K. And hence impacting the price of all the major altcoins. However, the Tezos(XTZ) price being away from the market trend, decoupled from the market, continued its uptrend after surging more than 30% from the last week.

The XTZ price smashed the highs in the last quarter of 2021 and ever since then, the asset followed a substantial downtrend. Moreover, the asset plunged below the 200-day MA levels, and smashed the lows, slicing through the crucial support levels. The plunge did attract the investors who quickly jumped in and escorted the price above the danger zone. 

The Tezos blockchain has witnessed a spike in the smart contract address points signifying a jump in the activity driven by the surging NFT activity. The growth has also been reflected in the active addresses of the Tezos blockchain also. The spike was mainly because of the recent upgrade which reduced the smart contract fees by nearly 75% that attracted numerous projects onto the platform. 

The XTZ price is currently testing one of the crucial support-flipped-resistance levels. If these levels are tested successfully, the path to clear the trend line may become extremely clear. However, breaking through the trend line also may not validate with the uptrend, unless and until the levels at $4.4 are reached. However, the strong resistance resides along with the levels around 200-day MA which is very close to $5.

Being an inch close to the trend line, the Tezos(XTZ) is expected to open the upcoming day’s trade at the trend line and eventually slice through these levels later. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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