Tezos News Today – the price of Tezos recently soared to post new highs amid a widespread renewed bull action in cryptos. Before this breakout, the XTZ/USD trading pair was stuck in a consolidation period between the $1.80 and $2.10 areas. However, there was a break above the 50-day SMA and the 100-day SMA via the hourly time frame.

This movement resulted in a breakout this past Thursday. This renewed bullish interest helped push the price of Tezos to post highs above $2.30. Even the bulls set their eyes on $2.50, they lost momentum and fell short at $2.4. Let us learn about the factor that is driving Tezos forward and pushing interest in the project.

Tezos’ Growing Utility May Be a Reason Behind its Bullish Performance

Even though the price of Tezos reacts in the way that other digital currencies react to the market action (just like it was during the March 12 crash), it has managed to maintain a good performance. This good track has been the case since the year 2019 to date.

The performance of Tezos has been significant over the last year that the coin was rivaled by only Chainlink. This is why most of the analysts in the crypto industry remain optimistic about the prospects of the digital currency. There is growing interest in the project and this rise can be attributed to the network’s growing utility in areas like real estate and the tokenization of properties. It is clear this interest has ensured that the coin maintained a steady balanced performance over the last year to this day.

Tezos Price Technical Analysis

At press time, the price of Tezos was changing hands at $2.18. This has been the case as the bulls retain their momentum. There is key support at the $5.1 mark and above the recent low of $2.06. there is also support at $2.00 and $1.80. Just above the current market value marginally, the Tezos price is now facing an initial hurdle at the $2.0 area. Moving further upwards, there’s more resistance at the 50-day SMA and the 100-day SMA ($2.24 and $2.21) respectively.

Going by the up-trend in Tezos’s RSI, its price could continue its upward action if its trading volume stays high. Finally, the creation of a short-term falling wedge suggests that there might be a breakout that could pull the XTZ/USD pair above the $2.5 area and upwards to the $3.00 position. It is still unclear whether the price of Tezos can reach $3.00 before May begins. However, the bulls will likely stay in control for the time being.