Tezos, having a powerful and flexible network at its core, has survived the bear markets and has regained its position by covering all the downfall and reaching its new high.
Tezos has been in a strong bull run, gaining multifold in the past two years. The script broke out of all time highs of $8,420 formed on May 07, 2021, and eventually closed at around $8,500 on October 03, 2021, signaling bullish momentum in prices.
The daily chart shows that Tezos has crossed a new high and is in strong upside momentum zone. After consolidation in weekly chart in July 2021, the breakout of price with higher highs has been a boom for Tezos and its investors.
The chart pattern is accompanied by increased volume, along with which there is breakout in price, indicating upward movement of candlesticks. According to the pattern formed, take profit can be suggested to be the vertical distance from the high to the bottom. Traders may maintain a stop loss at the lowest point of the handle that is $4.4765.
Bollinger bands have been touching the upper bands continuously since July 2021 and are breaking their resistance level and empowering upward price movement after continuous price breakouts in bullish directions. However, the price being at the resistance zone of band can be a bit risky for investors as well since band is in the overbought zone triggering a sell signal.
RSI is near about 68 and is about to reach its overbought zone. However, there is a positive upside trend formation in RSI which ensures strong upside momentum for the future. With the current strength in Tezos, the upward price trajectory, recent breakout of hurdles and healthy volume being seen on the counter, we can remain positive about the price going forward.
Immediately, prices should be given some reaction time and only upon further indications of an up move fresh positions can be fathomed. Most oscillators such as the RSI being in the overbought zone, may be a cause of concern, hence buying interests should be revived after we see some rejection of price from short term downsides.
From July 2021 to the end of September, Tezos has given a yield of nearly 70% to its investors and its bulls strength may take investors to an all-time new high. Tezos prediction is relatively optimistic in long run. Overall this crypto has potentials to provide huge returns to its investors in long run.
However there may be pull back in shorter time frames as seen in the hourly chart. Though there was immense selling pressure with enormous volume still the price could not decline much. In the 4 hourly chart, the price is continuously stuck with the uptrend line and is tenacious of going up.
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