Tezos News Today – Headlines for July 16

  • Tezos gained 10% in the last 24-hours
  • XTZ’s outlook suggests the coin will breach the $3.6 mark
  • MACD is gaining momentum in the bullish region

Tezos News Today – the price of Tezos gained 10% in the last 24-hours. The coin reached a new monthly high of $3.308 against the USD. XTZ is now in an uptrend. It appears the coin’s price could continue rising to $3.5 or $3.65. XTZ started rising steadily and settled above $3 resistance against the USD. The coin’s value reached a new monthly high point of $3.308.

Tezos price is currently consolidating its gains. There’s a major bullish pattern forming with key support at $3.1 on the 4-hour chart of the XTZ/USD trading pair. XTZ/USD will likely continue moving higher to the $3.5 area as long as it stays above the $2.7 area.

Tezos Gained 10% in the last 24-hours

In the last analysis, Tezos posted a strong increase above $2.5 and $2.7. Later on, the coin went through a short-term downside correction. However, the bulls protected all losses below $2.7 and 100-day SMA. The coin formed a swing low near $2.654 and started a fresh rally. It had a break above $3. It even breached the last swing high before reaching a new monthly high of $3.308.

Tezos is currently consolidating its gains. There is initial support near $3.150. It is close to the 23.6% Fib retracement of the last wave from $2.654 to $3.308. There is a major bullish pattern forming with $3.1 the key support via the 4-hour chart of the pair. XTZ’s main support is near $3 and the 50% Fib retracement of the recent wave from $2.654 to $3.308.

MACD is gaining momentum in the bullish region

Looking at the upside, the $3 area is the immediate resistance. If there is a successful break above Tezos’ recent high, it could clear the way for more gains and a rally to $3.5 and $3.6 in the coming days. If the price of XTZ corrects lower, the bulls will probably protect $3.1 and $3 which are both support areas. The main upward support is close to $2.7 (the previous breakout area).

A downside break under the $2.7 support area may initiate a larger drop to the 100-day SMA on the 4-hour chart. The technical indicators for XTZ/USD via the 4-hour chart indicates that the MACD pattern is gaining momentum. It is currently in the bullish area. Meanwhile, the RSI for XTZ/USD is above the 70 level. There is major support at $3.15, $3.1 and $3. Meanwhile, the major resistances include $3.3, $3.5, and $3.6. The digital currency is expected to remain bullish for the short term.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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