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![As Tezos [XTZ] pushes past $1.66, bulls can consider these levels to book a profit](https://cryptonoiz.com/wp-content/uploads/2022/07/PP-2-XTZ-cover-1000x600.jpg)
Disclaimer: The knowledge introduced doesn’t represent monetary, funding, buying and selling, or different sorts of recommendation and is solely the author’s opinion.
Tezos [XTZ] has carried out decently properly over the previous month. Each Bitcoin [BTC] and Tezos registered beneficial properties of round 25% in July. This highlighted two issues. One was the pretty constructive correlation between Bitcoin and a lot of the bigger altcoins out there. The second was a attainable lack of conviction amongst XTZ bulls. In a month when Ethereum [ETH] rose by 70%, Tezos was solely capable of observe Bitcoin’s lead step for step. May one other leg upward be pending for Tezos?
XTZ- 12-Hour Chart
Supply: XTZ/USDT on TradingView
On the 12-hour chart, the collection of upper lows that XTZ shaped from mid-June was seen. The downtrend from April was additionally obvious. XTZ has a bullish market construction after breaking above the $1.66 stage of former resistance. But, that doesn’t imply XTZ can climb again to the earlier highs simply but.
Two ranges of resistance at $1.92 and $2.15 had been highlighted on the chart, and it was doubtless these ranges would supply cussed opposition to XTZ bulls. The Relative Energy Index (RSI) has oscillated from 45 to 65 all through July. On the time of writing, the RSI was at 62 and above impartial 50 to counsel an upward development in progress.
XTZ- 4-Hour Chart
Supply: XTZ/USDT on TradingView
The drop from $2.36 to 1.195 in June was used to attract a set of Fibonacci retracement ranges (yellow). The 38.2% stage lay at $1.64, near the horizontal $1.66 stage of significance. A retracement previous the 38.2% stage can attain the 61.8%-78.6% pocket. Usually, a transfer previous the 38.2% stage does climb (or drop, based mostly on development) to the 61.8% stage.
On this case, that will be the $1.92 resistance stage. As soon as extra the Fibonacci retracement stage had good confluence with a horizontal stage, with the 78.6% retracement stage additionally near the $2.15 resistance.
Subsequently, if Bitcoin can climb previous $24.5k to achieve $26k, a transfer upward for XTZ to those resistance ranges can be anticipated.
Supply: XTZ/USDT on TradingView
On the four-hour chart as properly, the Relative Energy Index (RSI) had a bullish look to it because it climbed again above impartial 50. But, it may be noticed that over the previous few weeks the RSI has not stayed above impartial 50. Therefore, regardless that bullish momentum was on the playing cards, the development was not wholly in favor of the patrons.
The Transferring Common Convergence Divergence (MACD) additionally surged above the zero line previously few days, to underline bullish intent as soon as extra. The On-Steadiness Quantity (OBV) additionally shaped a collection of upper lows previously month to indicate sturdy shopping for quantity.
Conclusion
The presence of sturdy shopping for, alongside the transfer above $1.66, meant that XTZ had the potential for an additional leg upward. But, Bitcoin approached some resistance at $24.2k-$24.5k, and likewise at $26k. Rejection on this space might result in a wave of promoting throughout the market, and Tezos might take a success as properly.
