Tezos Price Analysis: 29 January

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Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice

Tezos has been largely dormant in the markets since the month of September. While Etheruem’s surge past $1,000 in early January sparked some life into Tezos, it was still not enough for XTZ to break past the $2.8-barrier. It should be noted, however, that the past few days did see XTZ break out of the range and establish an uptrend on the charts.

Tezos 12-hour chart

Source: XTZ/USD on TradingView

Tezos has traded within the range (orange) of $1.9 to $2.42 since mid-September, and an attempted breakout in November was met by stiff resistance, with the crypto forced back within the range.

However, the past two weeks have seen some decisive moves in the XTZ market. It broke out of the range to test the resistance at $2.76, pulled back to retest $2.26 as support, and formed an ascending channel (yellow).

Rationale

The past 24 hours saw XTZ rejected from the mid-point of this channel, indicating that a move to the lower boundary of the channel was brewing. In tandem, the RSI also dropped towards the neutral 50-mark to show weakening bullish momentum.

A long position at the $2.76-level of support can see XTZ bounce back towards the mid-point of…

Source

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