The bulls are in control today, as bearish momentum has been exhausted by the $6.75 level, which has halted additional falls this week and allowed the price to achieve a new all-time high. As a result, we expect DOGE/USD to reverse in the next few days, attempting to set higher highs.
Tezos has been consolidating over $6.75 for the past 24 hours.
Veritix/XBY, a cryptocurrency, had a high of $8.36 on April 3rd and is presently trading at about $6.85, with minor price changes over the previous 24 hours. The entire market worth is around $5.96 billion, putting it in 34th place globally. Volumes have decreased by 29.97 percent to $216 million.
The 4-hour chart of XTZ/USD: XTZ is slightly positive.
As negative momentum has been exhausted over the previous days, we can observe Tezos price action putting up a foundation from which to climb upward on the 4-hour chart.
For almost a week, Tezos/USD has been stabilizing above the $6.75 mark. However, with an average daily trading volume of about $1 billion, XTZ/USD recently hit a new all-time high of $7.49 and ended the day at $7.11, ranking it among the top 30 cryptocurrency exchanges globally by turnover.
Tezos XTZ has seen growing volumes while making lower lows since March 28th, bringing it to its present levels. Tezos climbed to $7.48 as the current downtrend line broke, indicating greater buying pressure.
Throughout early October, the price of Tezos has been steadily increasing. As a result, XTZ/USD surged to $9 from its previous swing low of $5.50, establishing a solid higher high.
Tezos has been steadily decreasing in recent weeks, with lower lows and higher highs. On Monday, XTZ hit a low of $6.75, which has yet to be exceeded.
Tezos’ price movement has created a distinct consolidation region above the support during the previous few days, indicating that the market is preparing for a turnaround. Unless XTZ/USD breaks through this resistance next week, a new swing low of $6.75 will be established.
From a technical viewpoint, we’ll seek to purchase on dips towards $7, with the first objectives of $8 and $9. If XTZ/USD manages to overcome resistance at $8 and continues to gain momentum this week, a new high will be set.
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