This past month has been very bullish for certain crypto assets. If the Tezos price is any indication, most markets will see plenty of steep gains in the coming months.
For the time being, the Tezos price uptrend has remained in effect without any real problems. That in itself is very interesting, for a wide variety of reasons.
Tezos Price Surge Continues
With a net 89.6% gain in the past 30 days, the Tezos price trend has taken many people by surprise. Albeit these gains have always been “expected” and even predicted, making them materialize is a different matter. A lot of initial adopters of XTZ will be more than happy with how things are going.
Even this past week has yielded more gains. With a 39.7% increase, the value per XTZ now sits comfortably near $2.42. On Twitter, some users already proclaim a future value of $100 and more, albeit that seems rather unlikely. Nothing is impossible in this industry, but such massive gains cannot occur overnight without repercussions.
As has been the case for a while now, Tezos lacks overall trading volume. Just $60 million in trades is not too convincing. What is interesting is how XTZ/USD remains a prominent contributor on Coinbase Pro, together with its XTZ/BTC pair. Binance also generates ample volume with its USDT and BTC pairs.
XTZ/USDT Technical Indicators
Bollinger Bands: The Bollinger Bands for XTZ/USDT continue to widen over time. That is a prominent turn of events, as it will often confirm or refute the current trend. Right now, there is plenty of green on the charts to go around. As such, there may be a continuation of this uptrend, despite some minor volatility along the way.
Moving Averages: The bullish crossover between the MA20 and MA50 remains in full effect. Both lines are moving further away from the MA200 in a bullish manner, which is another prominent development. All signs confirm that the Tezos price uptrend isn’t over yet, but there will be some accumulation sooner or later.
RSI: Given the current trend, one would XTZ to be well in overbought territory. That is certainly the case, but the RSI doesn’t look as bad as one would come to expect. As such, no real changes are expected, except some minor volatility along the way.
Resistance Levels: There is no actual resistance level in place, albeit there will be hurdles along the way. The $2.4 level will remain contentious for the time being. Other than that, the next level could be somewhere near $2.56 and $2.81 further up the chart. Very interesting territory for this crypto asset.