- Tezos bulls quickly shift their focus on $3.00 after taking down the resistance at the 50-day SMA.
- XTZ/USD is primed for more upward action as per the prevailing positive technical picture.
Tezos has been consistently growing in value since the beginning of July. The losses experienced in June were cushioned at the 200-day SMA ($2.20). Recovery in the past week has been steady not just for Tezos but also for other altcoins such as Stellar, Cardano and Chainlink.
XTZ/USD stepped above a couple of key resistance areas at $2.40 and $2.60 before tackling the hurdle at the 50-day SMA. The price is hovering at $2.71 at the time of writing. All eyes are glued on breaking the short term hurdle at $2.80 which will form the basis for gains above $3.00.
Applied technical indicators such as the RSI and the MACD suggests that the ongoing buying activities would last longer. With the RSI above the midline and pointing upwards, buyers are indeed in the cockpit. The MACD puts emphasis on the buying pressure with its likely cross into the positive region.
To be on the safe side, buyers must ensure that they keep the price above the 50-day SMA. All eyes must then stick to the hurdle at $3.00. It is vital to take advantage of the prevailing volatility to stage the run-up above $3.00.