XTZ could soon rise over $ 3.50

Tezos could achieve a new 30-day high if it continues the rally and receives support from the wider market

The cryptocurrency market has experienced a proper run in the past few days, with the prices of most coins increased by 5% or more in the past week. Bitcoin broke through the resistance brand of $ 45,000 and could next go to the $ 50,000 mark.

ether is also traded over $ 3,100, which corresponds to an increase of almost 90% compared to its low price in the last month. Tezos also begins a slow recovery, similar to the wider market. With the right market conditions, Tezos could try to cross the 3.50 dollar brand in the next few hours.

Analysts see the market optimistic and believe that prices could increase in the coming days. While the short-term price movement could be volatile, analysts are more optimistic about medium and long-term market performance.

XTZ price view

The XTZ/USD 4-hour chart currently looks bulled in interest, similar to other large cryptocurrencies on the market. The technical indicators of Tezos are currently positive and indicate a possible further outbreak in the coming hours.

XTZ has increased by over 3% in the last 24 hours. If the current trend continues, the XTZ/USD couple could soon break through the first major resistance at USD 3.53. Each movement about the resistance brand of 3.53 USD would cause Tezos to achieve a new 30-day high.

XTZ/USD 4-hour chart. Source: Coinlyze

In the event of a longer market clock, Tezos could target the $ 4 brand. However, it would require the broader cryptocurrency market to maintain a rally to this level.

On the other hand, XTZ's price could fall towards the level of support of $ 3.13 if the level of resistance of USD is not exceeded. The 4-hour 200 SMA (USD 2.82) should limit a further downward movement unless there is a longer market sale.