Will the Tezos Coin Sustain the Uptrend or It is Just a Trap?

• ChatGPT has recommended Tezos and two other currencies for passive income.
• Tezos coin has seen a sharp surge of 12% intraday in the current trading session.
• The XTZ coin’s volume for the current trading session is 16.282 Million, which is greater than the 10-day average volume.

The current market price of the Tezos (XTZ) –  $0.727

The XTZ coin has been consolidating in a tight range of $0.619 and $.0741. The coin price is currently showing a massive strength from the lower level. It is the biggest movement the coin has witnessed in 4 months. It shows that some serious buying has happened at the lower level. The volume of the coin has shown a huge jump as the current-day volume has surpassed the 10-day Average volume. 

The Tezos token is forming a heavy bullish candle on the daily chart. The coin has surged by over 7% in a week and 4% in a month. It indicates that the bulls are gaining control of the price. However, the coin price has declined by over 48% in a year. It indicates that the bears have dominated the price in the last 1 year. An Artificial Intelligence chatbot “ChatGPT” named Tezos for passive Income.

A Quick Glance of the XTZ Token’s chart

Tezos coin price has formed a descending triangle pattern. Today, it has given a breakdown of that pattern. The coin price is forming a bullish Marubuzo candle, which is considered one of the strongest bullish candles. Breakout along with a massive volume indicating that there might be some strong buying happening at the lower level. The coin will face a hurdle near the level of $0.808 level, which is the trendline of a similar pattern.

The XTZ coin is facing resistance from the level of $0.741. Apart from this, the other resistance level is present at the level of $0.929 level. The support level for the XTZ token price is present at the $0.619 level.

What the Indicators are Saying About the Price?

Exponential Moving Averages

The Tezos coin price is trading above the 50-day Exponential Moving Average but below the 100-day Exponential Moving average. It is facing a rejection from the 100-day EMA line. The sellers will try to defend this EMA level strongly.

Relative Strength Index

The Relative Strength Index is currently placed at 61.60 level. The slope of the RSI is rising, which is an initial indication that the price can show some good upside momentum ahead.

Conclusion

The Tezos coin price has given a breakdown from a descending triangle pattern. However, the coin price is facing rejection from the resistance level, which is important for the price to cross. It has shown good strength at the lower level along with the massive volume. It can further help the XTZ coin price to the next resistance level.

Technical Level

Resistance  – $0.741 and $0.929

Support – $0.619

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.