During the past few weeks, the price of Tezos was moving in a downward pattern with the formation of troughs on the daily chart. The coin has recently crossed the downtrend line and has begun to uplift from its lows. Though the current candles show consolidated momentum of the price, the XTZ coin beginning to form higher high peaks can be an opportunity for the bulls.
On April 02, though, the bulls tried to push the Tezos price up but couldn’t close near its high. If the bulls sustain the current price, an upliftment in the XTZ coin can be expected in the long run, and the coin may reach its highs once it closes above the peak of $4.61. Over the last three weeks, the coin has marked a considerable upsurge, and the forming weekly candle shows that the bears are trying to push the price downward.
XTZ Shows Bullish Signals Despite Recent Dip
On the daily chart, the MACD line has been above the support line. The coin had already ascended 26% from when the indicator gave a bullish sign. The volume candle is unfavorable towards bulls or bears, thus creating indecision. The token shows a bullish strength on various time frames, and the technical parameters also indicate a buy signal.
Yesterday, the XTZ coin price faced an 8% decline, and though the bears tried to push the price downside but couldn’t close near to its lows which can be an occasion for the bulls as the price got rejected to move down and close below the previous low of $3.54.
