- Tezos growing utility keeps community and investor interest high in spite of the drab performance in the crypto market.
- XTZ/USD reaction to a falling wedge pattern could breakout in a rally hitting levels between $2.50 and $3.00.
Tezos (XTZ) recently soared to new April highs amid widespread renewed bullish interest in cryptocurrencies across the board. Prior to the breakout, XTZ/USD was stuck in a period of consolidation between $1.80 and $2.10. However, a break above the 50 Simple Moving Average and the 100 SMA in the hourly timeframe resulted in the breakout on Thursday last week. The renewed bullish interest catapulted Tezos to highs above $2.30. Although the bulls had their eyes glued on $2.50, the bullish momentum lost steam short of $2.4.
Is Tezos Growing Utility A Factor In The Bullish Performance
Although Tezos reacts as other cryptocurrencies to market forces such as the crash on March 12, it has maintained a good performance track since 2019. Tezos performance has been so significant that is rivalled by only Chainlink (LINK). Analysts in the cryptocurrency industry remain optimistic for the crypto. The interest in the project is likely connected to Tezos growing utility in areas such as real estate and tokenization of properties.
Tezos Price Technical Picture
At the time of writing, Tezos is teetering at $2.18 as a bullish momentum comes into play. Key support has been established at $5.1 above a recent low at $2.06. Other support areas include $2.00 and the previous range support at $1.80.
Marginally above the current market value, Tezos price is facing an initial hurdle at $2.0. Further up, there is more resistance to be fought the 50 SMA and the 100 SMA at $2.24 and $2.21 respectively.
According to the up-trending RSI, the price could continue with the upward action especially if the trading volume remains high. Moreover, the formation of a short term falling wedge pattern suggests that a breakout is in the offing and likely to pull XTZ/USD above $2.5 and towards $3.00. It is unclear is Tezos can hit $3.00 before the beginning of May, however, bulls are likely to remain in control.
Tezos Intraday Key Levels
Spot rate: $2.17
Relative change: 0.0408
Percentage change: 2.03%
Source: Coin Gape