Through the past few days, the volatility of Tezos had witnessed a meaningful growth to the bullish side. The newest gain of almost 18% has uplifted the position of Tezos to the 11th place on the top cryptocurrencies by market capitalization. In the meantime, Bitcoin is showing signs of indecision for a few days now. Tezos skyrockets to a 19-month high as we can see in the charts following our tezos news.
It looks like Tezos is enjoying the latest mini-rally of Bitcoin. The ascending Broadening wedge seen on the daily chart can be reason plus for the current surge in the price of Tezos. The XTZ price is headed for the upper limit of the wedge, which can open the door for even more bullish action in the next few days. The further target of XTZ now is sitting at $2.5 as long as the bulls keep showing the needed commitment.
After dropping to the lower boundary of the wedge on January the 2nd, XTZ regained momentum following a rebound from the long-lasting blue support zone of $1.24 and Tezos skyrockets to a new level. This jump has brought purchasers near $2.2 while at the same time aimed at the resistance of the wedge around $2.5 or even above. Resulting from the rallies from the past few days, XTZ is now holding support at $1.47 and $1.8- the newest blue support areas.
Watching at the daily volume, it looks like Tezos is gaining more bullish momentum. We can expect the price to keep growing when the market continues to follow the bullish sentiment. The technical indicators: the price of XTZ has entered the overbought region on the daily RSI. This is suggesting that this market is overvalued at this moment, but buyers are still manifesting strong commitment.
Yet, it is important to remember that the bullish momentum can end in the near future, which can cause a notable fall in price. In the same direction, daily MACD is positive, having no sign of bearish trends at the moment. A negative sign could bring sellers back in the market. But as of now, at the short-term trend, Tezos is bullish.
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The newest positive cross on the MACD is suggesting that a huge bullish move is nearing. However, the bulls of XTZ are still gaining control against the Bitcoin pair.
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