The Bitcoin market has been recovering from the drop it witnessed last week. Along with the Bitcoin market, the altcoin market was also seeing a surge, carrying the value higher in the short-term. With a market capitalization of $3.16 billion, Tezos has been trading at $4.08, at the time of writing, as it attempted to breach immediate resistance.
Tezos one-hour chart
Source: XTZUSD on TradingView
The above chart of Tezos noted the digital asset sloping gradually to support at $3.98. As the value of the asset hit this level, it bounced higher toward the resistance at $4.09. However, buying pressure has been rising and the coin might be able to surpass this resistance and move higher.
Reasoning
Buying pressure was currently building up with the low price of the digital asset. Volatility in the market was higher than what was visible in an inactive market. This was an indication of the upward surging price of the XTZ, while the signal line noted a possible flip as the price candles were moving higher.
Despite the rising price, Awesome Oscillator signaled that the momentum shifted toward the negative zone. However, if more buyers flock to XTZ market, the momentum will also witness a flip.
Relative Strength Index showed a rising buying pressure in the market as the value of the indicator moved away from the oversold zone. RSI was currently moving toward an equilibrium which would mean that buying and selling pressures will even out.
Crucial levels
Entry-level: $4.11
Take Profit: $4.23
Stop-level: $4.04
Risk to Reward: 1.81
Conclusion
Tezos market has been moving higher at the time of writing and is prepared to breach resistance at $4.09. The traders will be able to make a profit at $4.23.
