Tezos hits a 4-month high with a recent spike in the trading price with a massive rush in the altcoin market. XTZ/USD holds complete support from 50-day and 200-day MA as it reclaims its position above $3. Tezos, after a week-long consolidation, exhibited an uptrend in the past week. With yet another blow of traction, Tezos successfully crossed above $3 with a bullish crossover in the intraday.
With amazing momentum on the price front, Tezos has recently extended its branch towards having a blockchain-based solution for Werenode. It is an electric vehicle charging solution project that is built on Tezos that is connected to Renault, Nissan, and Mitsubishi. This project is based on giving a solution to charge the electric vehicles efficiently and have a testable service with the help of Tezos blockchain.
Tezos Price Analysis
On the hourly chart, Tezos drew an uptrend in the past week, and it was just on the first day at the onset of the present week when XTZ crossed above $3 with a complete bullish crossover. However, with an escalation in the price, the 20-day Bollinger Bands laid are seen widening on the hourly chart with complete support from 50-day and 200-day MA. Moreover, the altcoin market is completely pumped with great momentum after trading laterally.
On the hourly chart, Tezos is drawing a complete bullish crossover as per the laid technicals against the US Dollar. The MACD reflects positive market sentiment that has generated greater demand, and the RSI of XTZ is lying beyond 70 at 74.69.