Bullish Reversal Sets Tezos Price For 11.6% rally.
Amid a sideways rally, the Tezos Price has squeezed into a narrow range stretched from $1.68 to $1.42. The altcoin has been wobbling in this range since last month, testing the overhead resistance twice and the bottom support thrice. Thus, the market participants can consider as a no-trading zone, Anyhow, the coin traders actively responding to these barriers could cause significant bias in tezos future price.
Key points Tezos Price:
- The Tezos3 price rebounded from $14.2 support with a significant surge in volume
- The resistance trendline breakout may trigger a bull cycle within the range rally
- The intraday trading volume in the Tezos coin is $620.1 Million, indicating a 22% hike.
Source- Tradingview
In response to widespread corrections in August’s second to the third week, the Tezos price turned down from the $1.688 resistance. The downfall registered a 15.6% loss and plunged the prices back to $1.42 support.
Moreover, the sellers use a new downsloping trendline to carry this bear cycle within the rectangle range. After testing the bottom support, a usual response would be a bullish reversal; however, the resistance trendline is preventing buyers from establishing a sustained recovery.
Moreover, the Doji-type candle at this level indicates uncertainty among market participants.
Thus, if the buyers eventually wrested trend control from sellers and rebound from $1.42 support, a breakout above the trendline is needed to confirm the potential bull run. Moreover, a breakout above the $1.688 resistance will accelerate the bullish momentum and drive the Tezos Price to the $1.96 supply zone.
On a contrary note, if the selling persists using the resistance trendline, a daily candlestick below $1.42 will prolong the ongoing correction 18.3% down to hit $1.2 psychological support.
Technical indicator
Relative strength index: Amid the price consolidation, the daily-RSI slope bullish divergence reflects a higher possibility for a bullish recovery.
EMAs: The downsloping crucial EMAs(20, 50, 100, and 200) reflect an overall downtrend in the market. Moreover, these slopes are quite close to the current price and could offer additional barriers against buyers.
Tezos Price Intraday levels-
- Spot price: $1.48
- Trend1: Bullish
- Volatility: High
- Resistance levels- $1.55, $1.68
- Support levels- $1.4 and $1.2
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