Tezos Price Prediction: XTZ Pumps 23%, But Experts Say Consider This Play-To-Earn Meme Coin For 100X Gains

Tezos Price Soars 23%

Over the past 24 hours, Tezos' price has skyrocketed 23%, reaching $1.66 as of 8:45 p.m. EST. This surge is accompanied by a 341% increase in trading volume, amounting to $590 million.

XTZ/USD Price Analysis

Currently trading at $1.6358, the XTZ/USD pair has declined slightly by -2.41%. Despite this, bullish momentum remains strong, evident in the parabolic upward trend. However, such rapid movements may indicate overextension and potential for sharp corrections.

Previously, the key support level of $1.20 has provided a solid base for the price. If a pullback occurs before the upward trajectory resumes, this level may be tested again.

The 50-period moving average ($1.2935) serves as a dynamic support level, bolstering short-term bullish sentiment. Meanwhile, the 200-period moving average ($0.8880) represents long-term support, and the significant gap between these averages confirms the strength of the uptrend.

Bearish Indicators Emerge

Momentum indicators provide mixed signals. The MACD histogram is decreasing, while the MACD line (0.0399) approaches a bearish crossover with the signal line (0.0595). This suggests potential weakening of bullish momentum, indicating a possible pause or correction in the rally.

The Relative Strength Index (RSI) currently stands at 73.02, firmly in overbought territory. This could indicate overvaluation in the short term, increasing the likelihood of a price retracement.

Key Levels and Upcoming Movements

If the Tezos price continues its parabolic rise and breaks above $1.80, it may target the psychological $2.00 level. Conversely, failure to hold above $1.50 could trigger a deeper correction towards $1.20. However, caution is advised due to the overbought RSI and weakening MACD, suggesting potential volatility. Monitoring the key levels of $1.50 and $1.20 will be crucial in determining the next significant price movement.