In new technical analysis, Tezos is an open-source protocol based on blockchain technology that provides users a robust platform for building decentralized apps and smart contracts. It facilitates peer-reviewed transactions in digital currencies. Its key focus areas are upgradability, high security, and open participation. XTZ is the prime governance token of this ecosystem. Past Trends On April 10, 2021, the opening price of XTZ was $6.84. As of April 16, 2021, the closing price of XTZ was $7.45. Thus, in the past week, the XTZ price has surged by roughly 9%. In the last 24 hours, XTZ has traded between $7.15-$7.60. https://ift.tt/32kH6uk Day-ahead and tomorrow Currently, XTZ is trading at $7.53. The price has risen from the opening price of $7.20. Thus, the market looks positive. The MACD line is negative while the signal line is positive. A bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is negative. Hence, we can expect a price pullback. The OBV indicator is upward sloping. This implies that buying activity is much higher than selling activity in the XTZ market. Thus, the XTZ price is poised to rise further. Currently, the RSI indicator is at 32%. It has just rallied from the 30% mark. This implies that selling pressures are high. It is also a great time for swing traders to go long. Hence, we can expect the XTZ price to go down. XTZ Technical Analysis As per technical analysis, at present, the XTZ price has surpassed the first Fibonacci pivot resistance level of $7.49. As the market forces are positive, we can expect the price to break out of the subsequent resistance levels of $7.59 and $7.77 respectively, in some time. The price has tested and fallen below 23.6% FIB retracement level of $7.49. By day end, if it retests and breaks out of this level, we can be assured that the price uptrend is strong and may continue tomorrow as well.
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