The Tezos (XTZ) market is showing a strong upward momentum in the short term. While some of this growth may be a result of Bitcoin’s market rally, the XTZ market seems to have surpassed the momentum provided by Bitcoin. Currently, XTZ is trading at $ 3.04, a price level not seen since September 2020.

 

 

Tezos 1 hour price chart

The attached chart highlights the rising price of the XTZ. The last rising channel narrowed on the charts and likewise saw a sharp increase in the price of the digital asset. Before reaching this price level, the value of XTZ reached around support at $ 2.7468.

 

Will XTZ continue to rise?

However, after the recent increase in price, traders in the market may want to wait for the opportunity to stabilize the price before taking any action. On the contrary, Hodlers may want to continue doing HODL.

It is observed that the 50 moving average declines below the candlesticks. This is an indication of the sudden and sharp increase in the XTZ price. Of course, it is possible that we may see a correction in the short term, but at the time of this writing, the market is extremely bullish. This is also highlighted by the strong rising momentum on the Awesome Oscillator.

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AO has been gaining momentum for some time, with increased buying pressure. The length of the bars set the momentum in the market very strongly. The Relative Strength Index recorded a rapid trip from the equilibrium zone to the overbought zone.

The RSI also peaked when the price of the XTZ reached the $ 3.11 resistance level. A falling price may raise the idea that traders are actually selling the digital asset.

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