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Tezos medium-term price analysis: July 06

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Tezos medium-term price analysis: July 06

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At press time, Tezos ranked 12th on CMC with a market cap of $1.7 billion. Priced at $2.34, it saw a 2.60% surge in the last day and from the looks of technical indicators, more is yet to come.

Tezos Four-Hour Chart

XTZUSD TradingView

From the above chart, it can be seen that XTZ has been on a downtrend since mid-June, especially after the small rally on June 24. The downtrend persists to date; however, considering today’s pump and the way RSI is set up, the downtrend may be short-lived.

The price has tested resistance at $2.43 thrice over 3 days, however, failed every single time. As the price surges slowly, it will retest this level once more. Perhaps, this attempt will yield a different outcome.

The reason for this bullishness is due to the price forming a lower low while RSI forms a higher high, which is a hidden bullish divergence. Additionally, the recent drop in its price tested 200 DMA [purple], which is a bullish sign. RSI’s bounce at 56 and a subsequent retracement can be a sign of trouble, however, considering the bullish price-RSI set up, the bullish move seems likely.

The first resistance could be at $2.43, which is a 4.13% surge from the current price level. Breaching this level would provide the price a clear path to $2.55, which is a 9.22% surge from $2.33.

The final target, albeit, unlikely, and hard to achieve would be at $2.68, which is a whopping 14.7% surge from the current level. The reason why this is unlikely is that this level coincides with 50-DMA [yellow]. Also, 50 DMA was the level that caused XTZ’s downtrend from $2.86 to $2.24. Overall, the outlook for XTZ is bullish and a surge ranging from 3% to 9% can be expected in the coming week.

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Akash is a full-time cryptocurrency writer and an analyst at AMBCrypto. He is an engineering graduate with an avid interest in finance and economics. Attracted to the chaos of trading, Akash has invested in BTC, ETH and XRP for educational purposes.
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