Tezos Price Analysis: XTZ looks set to hit 3.00

• Tezos is trading over 10% higher on Friday as it outperforms the wider market.
• The price now looks to be heading toward the psychological 3.00 level.

XTZ/USD 4-hour chart

Tezos trades higher on Friday as it outperforms the rest of the cryptosphere. The price is looking very bullish as it is making higher highs and higher lows. Another bullish signal is the fact that price has accelerated from the 55 and 200 moving averages. The 55 exponential moving average had been used as a decent support zone a few time but over the last week, there has defiantly been an acceleration away.

Looking at the relative strength index indicator, the signal line has now moved into the overbought zone. Sometimes this can indicate that a small pullback is needed before the underlying trend continues. The buy-side volume has also been picking up which is a good sign. When the green candles appear the volume does seem to be marginally higher than the selling red candles.