Tezos prints a huge bull flag as the asset has been seeing some incredibly strong price action over the past few days and weeks. Still, its momentum has shown some signs of slowing down in the past day as it consolidated in the lower -$3.00 as we are reading more in the Tezos price news.
The boost from the recent surge provided the market structure with enough strength to be able to lift if higher in the upcoming days ahead. One analyst is pointing to the recent formation of the huge bull flag as the technical factor that can boost the price surging higher in the upcoming days and weeks. Another trader thinks the same explaining that the ability to stabilize above $3.00 is quite impressive and opened the gates for a swift movement o $4.00.
The strength seen by the entire crypto market in the past day may create a tailwind as well which will lead Tezos higher as it remains correlated to the aggregated market’s trend. At the time of writing, Tezos prints a strong bullish flag while it was trading down just over 2% at a current price of $3.17. This is around the price at which the cryptocurrency was trading over the past day. Earlier this week, the bulls stepped up and sent XTZ flying from $2.80 to $3.30 while from this point on, the crypto was ranging sideways as the buyers tried to garner bigger support.
The consolidation phase caused it to underperform both BTC and other peers but it is important to know that it did however outperformed them earlier this week. One trader explained that there’s a massive bull flag that XTZ formed while looking towards its BTC trading pair. He believes that an imminent break above this flag will lead the price of XTZ higher:
“Added XTZ big here. Bull flag with bullish divergence while still 12h and 1d momentum are up. Means that dips are for buying. And thats what I did. Prior position already secured nice profit. Stops in place.”
Another analyst echoed the bullish outlook on Tezos, saying that there’s some ability to stabilize above $3.00 which is a positive sign that led him to believe that a move above $4.00 is imminent:
“Tezos: All fine. If we go towards 3$ and hold there (Which is a level on lower timeframes), I’ll be happy to buy the dip. Overall, seems ready for a test of the highs at $4.”
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