The Tezos technicals turn bullish with many buying signals that are forming which could allow it to recover its lost ground as we are reading more in our tezos latest news.
Tezos endured a three-month-long corrective period which saw its price drop nearly 60%. Despite the major losses incurred, it seems that XTZ is on the way to a greener market. A spike in buying pressure between the same price levels could see the price reach $2.3. While investors are struggling to make heads or tails during the US Presidential elections, Tezos technicals turn bullish. XTZ was one of the main victims during the market bloodbath with the smart contracts token seeing the price plunge nearly 60% over the past three months, crashing by an all-time high to $4.5 to hit a low of $1.8.
Despite the massive losses, it seems that the token is on its way to a greener market. the TD sequential indicator presented a buying signal in the form of a green nine candlestick on the XTZ daily chart. The bullish formation forecasts that the increase in buying pressure that could lead to one to four daily candlesticks surge or the start of the new upward countdown. The bullish divergence developed in the same time frame between Tezos’ price and the Relative Strength Index. The technical pattern which was created as the price began making a lot lower lows while the RSI made higher lows.
The market behavior usually shows that the tokens’ three-month downtrend is approaching exhaustion. By measuring the Fibonacci retracement index from the mid-March low of $0.93 to the recent all-time high of $4.5 as multiple targets can be defined. Based on these indicators, a spike in buying orders around the current price levels could push the price of Tezos to $2.3. If the buying pressure gets stronger, the prices could advance towards the next critical area of resistance around $2.7. The indicators also suggest that Tezos is ready to rebound 23.6% fib that has to hold to validate the bullish outlook. Failing to remain at this level, it could lead to a continued loss as there are few significant support barriers below the $1.8 hurdle. The next areas of interest are set at $1.5 and $1.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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