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▲ Tezos/Source: Twitter ©CoinReaders
Tezos is fueling expectations of breaking through $0.40 as it attempts a technical breakthrough coupled with an influx of individual investor funds.
According to investment media outlet FXStreet on April 28 (local time), Tezos (XTZ) continued its upward trend for two consecutive days above $0.38, surpassing its 50-day exponential moving average of $0.3736. This trend suggests it is seeking further gains after breaking through downtrend line resistance.
Changes are also being detected in the derivatives market. Tezos futures open interest increased by more than 5% in 24 hours, reaching $15.52 million. This indicates an expansion of position building, primarily by individual investors. The funding rate also remains positive at 0.0051%, indicating a continued preference for long positions.
Technically, whether Tezos breaks above the upper boundary of the symmetrical triangle is a key variable. Tezos has already surpassed the downtrend line resistance near $0.3770, and if daily closes continue above $0.38, an upward structure could be confirmed. After that, the 100-day EMA at $0.4046 is presented as the first major resistance.
Upward momentum is also gradually strengthening. The Relative Strength Index (RSI) is above the neutral line at 58, leaving room for further gains, and the Moving Average Convergence Divergence (MACD) is expanding in positive territory, indicating buying dominance. If $0.4046 is broken, an upward path to the 200-day EMA at $0.4619 could open up.
Conversely, in the event of a decline, the breakout area of $0.3770 and the 50-day EMA at $0.3736 are expected to act as short-term support. If this area breaks down, the bullish scenario could weaken, also opening up the possibility of increased short-term volatility.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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