Tezos targets the range resistance at $3.00 after bouncing upwards from $2.50.
Tezos could follow Bitcoin’s surge to $10,000 in order to bring down resistances at $3.00 and $3.50.
Tezos is among the best-performing cryp tocurrencies in the market on Friday. However, it still trails Cardano
(ADA) with its over 17% growth in the last 24 hours. XTZ/USD is trading at $2.86% after adding more than 6% to its value on the day. Holding the bullish momentum in place is the trendline support and the range support limit.
On the upside, the main target is to break the resistance at $3.00 (range resistance limit. The bullish mojo has made it apparent that further gains are imminent. Looking at the Relative Strength Index (RSI) we can tell that buyers are confident in the recovery trend. If the up-trending RSI reclaims the position in the oversold, the potential to step above $3.00 would increase massively.
However, it essential to note that if the price stalls at $3.00, XTZ/USD would embark on a reversal likely to test $2.50 and $2.00. On the brighter side, the 50 SMA keeps expanding the gap above the longer-term 100 SMA in the daily range. This shows that buyers would continue to gain traction against the bulls ahead of the weekend session.
XTZ/USD daily chart
General sentiments in the market are bullish especially after Bitcoin made it to levels above $9,600. Most investors anticipate Bitcoin to close the month of May above $10,000. In so doing, the rest of the major cryptocurrencies, including Tezos would react upwards not only stepping past $30.00 but also testing the critical $3.50.
Luke has had a long interest in financial technology, especially cryptocurrency and blockchain. With a Bachelors degree in Journalism and Media, Luke is dedicating his writing skills for the digital currency sphere.He can be contacted at email@example.com