Tezos Price Analysis: XTZ/USD gains over 7%, bumps into daily SMA50

• Tezos (XTZ) is moving within a steep bullish trend.
• The strong resistance is created by daily SMA50.

Tezos (XTZ) is moving within a strong bullish trend. The coin hit the recent high at $2.66 and the upside momentum is gaining traction. XTZ is now the 13th largest digital asset with the current market value of $1.94 billion. An average daily trading volume reached $134 million amid sharp price increase. The coin has gained over 7% both on a day-to-day basis and in the recent 24 hours.

XTZ/USD: technical picture

On the intraday charts, XTZ bottomed at $2.21 on July 5 and has been gaining ground rapidly ever since. the coin is moving within a steep upside channel with the upward-looking support created by the middle line of the 1-hour Bollinger Band (currently at $2.55). This technical barrier stopped the downside correction on several occasions and served as a trigger for another bullish movement. If it is broken, the sell-off may be extended towards $2.50 and $2.47. This support is reinforced by 1-hour SMA50 and the lower line of the 1-hour Bollinger Band.  A sustainable move below this area will worsen the technical picture.

Meanwhile, the intraday RSI still points upwards and stays close to the overbought territory, which means that the coin has not exhausted its bullish potential yet. The next resistance is created by the intraday high of $2.66 strengthened by daily SMA50. Once it is out of the way, the upside is likely to gain traction with the next focus on psychological $2.70.

XTZ/USD daily chart