Tezos Bulls Are Coming Back As The Markets Gain Double Digits

The Tezos bulls are coming back on the market as several altcoins gain double digits as of today. Tezos is one of the best-ranked coins in the past two months and it reached an all-time high at $3.90 in February before the major market crash which wiped out 57% of the value of the token.

The XTZ/USD pair witnessed a steady increase in the trading volume on the Asian markets on Poloniex. However, the price didn’t see a lot of movement trading in the sideways pattern after rejecting another key level. The Tezos bulls seem to have left the key $1.80 level as per the 4-hour charts. The price seems to have bounced off of the key resistance to set an intra-day low of the $1.66 which is a similar pattern to the bullish move a few days ago. However, the previous day moved up the current price is stagnant around the $1.70 forming a bearish flag pattern.

The price looks set to dip the $.160 provided by the flag’s support level which brings bears and bulls to the critical point that determines the long term XTZ price movement. The bounce from the previous level could set the price the obstinate resistance level at $1.80 and will even start a full bull run back to the 2020 highs. The Tezos ecosystem witnessed an increased activity over the past few days and the largest holder of the Tezos tokens which is the Foundation settled the long-standing lawsuit on their offering.

While the developments of the blockchain and baking protocols are expected to flourish, the short term charts are showing a different picture. The hourly candle crossed the 50MA line giving the major bearish signal towards $1.45 support level. The RSI oscillates in the bearish territory entering the selling level at 48. As per the latest reports, Poloniex lists Tezos after it spun out from its parent company Circle after it got acquired by an Asian group back in November. It turned out later that Justin Sun, who is the CEO of TRON, also purchased a stake in the exchange. The exchange went under fire back in December after urging the followers to buy Tron, but the tweet has been since deleted.