There is a lot of interesting price action taking place across all crypto markets. Despite Bitcoin still struggling significantly, it appears that the Tezos price is slowly making some moves.
For now, most of the markets remain relatively volatile. That is only normal after the unexpected onslaught late last week.
Tezos Price Action Tries to Resume
It is difficult for alternative markets to move up when bitcoin drops by over $300. Last week was no different for most markets. This week, however, things are off to a better start. If the Tezos price is any indicator, the bullish momentum should resume with relative ease.
Over the past seven days, the Tezos price is still up by over 20%. That is remarkable, considering how most other markets lost nearly 10% over the course of the weekend alone. Even so, XTZ managed to avoid most of the onslaught except for a brief dip from $1.5 to $1.37.
One aspect potentially holding back the continuation of this price trend is the bleak trading volume. For Tezos, the current volume sits just below $36 million. That is merely 3.84% of its market capitalization. Of that volume, most of it is traded on MXC, Binance, and Coinbase Pro. XTZ/USDT pairs are more popular, albeit XTZ/BTC is also worth keeping an eye on.
XTZ/USDT Technical Indicators
Bollinger Bands: Looking at the 4H Tezos price chart, it is evident that there has been some minor bearish pressure in the past few hours. Even so, none of these candles succeed in making a meaningful impact. The Bollinger Bands are not showing signs of closing yet, indicating that the accumulation will continue amid a small price push. Overall, remaining above $1.5 should not pose too many problems for today.
Moving Averages: A lot of interesting action on the moving averages. The MA50 has officially surpassed the MA200 in a bullish manner. The MA20 remains well above the MA200 and MA50, confirming the uptrend is still firmly intact.
On the daily chart, the MA20 has yet to cross over the MA50 again. Both lines are sloping toward one another, indicating that this minor lull in action isn’t something to be too worried about.
RSI: Not too much can be gauged from the RSI at this time. Tezos is well within the normal range on the 4H chart, albeit the RSI seems to slope down ever so slightly. That is not necessarily a problem either, but something to keep an eye on. No real price push seems to be expected when looking at this indicator, albeit one never knows what the markets may provide us with.