Tezos (XTZ) has been trading within an upward channel since January 3rd. However, the price has now reached a pivotal point and XTZ is struggling to remain within the trend.
Tezos is closely tracking its 21-day daily EMA support line on the upside, but it is approaching a major resistance level.
Tezos fundamentals and recent performance
XTZ posted a weekly gain of 8.22%. By comparison, BTC rose 15.04% for the week and ETH gained 26.85% over the same period.
At the time of writing, XTZ is trading at $3.14, reflecting a 16.03% increase from the value a month earlier. Tezos is currently the 25th largest cryptocurrency by market capitalization, with a market cap of $2.63 billion.
XTZ / USD daily chart analysis
Tezos (XTZ) volume has been increasing since January 3rd. A recent slight pullback in volume and volatility suggests consolidation ahead of a larger move. Analysts differ on direction: many anticipate a break above the $3.18 level leading to further upside toward $3.38 and beyond, while others warn of a potential retreat toward $2.00.
In a bearish scenario, the 21-day EMA serves as a reliable support level that could be difficult for sellers to breach.
XTZ/USD daily chart. Source: TradingView
The daily RSI for Tezos has remained near the upper portion of its range for an extended period and currently sits at 59.92.
XTZ / USD one-hour timeframe analysis
The hourly chart reveals an intriguing pattern. Tezos has experienced multiple sudden volume spikes in recent days but has repeatedly failed to clear the $3.18 resistance. The price is now contesting that level, which functions as a pivot point for the near-term trend.
XTZ/USD 1H chart. Source: TradingView
A decisive move above $3.18 would likely attract more buyers and propel the price higher, while another failed breakout attempt could trigger a deeper correction.