Tezos (XTZ) has seen a major slump in the past few days but is set to recover in the future. The technical parameters suggest a bullish momentum for the coin. Once the candle crosses the $ 5.97 price range and breaks the downtrend line, expect the XTZ coin to see a robust surge in the future.
The Tezos price has fallen massively out of its resistance zone in the past three months and is currently hovering at the price of $ 5.46. The bullish candle formed on December 7th had covered the previous week’s large decline in the price of the coin.
The XTZ coin has started rising from its support zone and has not yet crossed the downtrend line. If Tezos’ price breaks the recent swing high of $ 6.03, it could advance to its high of $ 9.00. The price is currently being tested on the downtrend line and is not moving up. There is a bullish divergence between the price and the RSI on the daily chart which may result in an upward momentum in price in the future.
There was immense volume on December 7th and the price rebounded tremendously in a single day. Bull volume that day was at its highest in the last two months, giving bulls the opportunity to trade profitably. The MACD line above the signal line and the green candles on the histogram chart may represent an upcoming upside opportunity for investors. The RSI, currently at 56, is neutral, but it could head towards its overbought zone. An ascending triangle pattern forms, but traders have to wait for the upcoming candles to cross the triangle line and move upwards.
On the weekly chart, the technical parameters are still in the bearish area and do not yet point to a bullish signal. The price is tested on the downtrend line. A bullish engulfing pattern forms that can cause the price to spike. When the XTZ price crosses the $ 5.97 support line and the triangle downtrend line, expect a productive bullish result in the future with a minimum target of $ 8.83.
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