Tezos (XTZ) has confronted a major downfall during the past few days but is expected to recover in the future. The technical parameters indicate a bullish momentum of the coin. Once the candle crosses the price range of $5.97 and breaches the downtrend line, a robust upliftment of the XTZ coin can be expected in the future.
Tezos price fell massively in the past three months from its resistance zone and is currently moving at the price of $5.46. The bullish candle formed on December 07 had covered the major price fall of the coin of the previous week.
The XTZ coin has begun to increase from its support zone and hasn’t yet surpassed the downtrend line. If the price of Tezos crosses the recent swing high of $6.03, it may move forward to its peak of $9.00. The price is currently getting tested at the downtrend line and is failing to move upwards. There is an existence of bullish divergence between the price and the RSI in the daily chart, which may lead to the upside momentum of price in the future.
There was an immense volume on December 07, and the price rallied enormously in a single day. The bull volume was at its highest on this day in the past two months giving the bulls an opportunity for gainful trade. The MACD line being above the signal line and the green candles in the histogram chart can be an upcoming bullish chance for the investors. The RSI currently at 56 is neutral, but it may head towards its overbought zone. There is a formation of ascending triangle pattern, but the traders need to wait for the upcoming candles to cross the triangle line and move in an upward direction.
In the weekly chart, the technical parameters are still in the bearish zone and haven’t yet indicated any bullish signal. The price is getting tested at the downtrend line. There is a formation of the bullish engulfing pattern, which may lead to an augment of price. If the XTZ price crosses the support line of $5.97 and the triangle downtrend line, a productive bullish outcome can be expected in the future with a minimum target of $8.83.
