- Tezos price shows low volume during the steep declining rally and a bullish presence during the current consolidation.
- XTZ price has retested a historical trendline while dually revisiting an RSI low that prompted a previous market bottom.
- Invalidation of the bullish outlook is a closing candle below the ascending trendline currently positioned at $1.18 on the 2-day chart.
Tezos price shows reasonable countertrend evidence. A breach of the June 30 swing highs could trigger a 40% rally.
Tezos price says prepare for a bounce
Tezos price has seen an 83% decline since the all-time highs at $9.14 back in October 2021. The bearish strength is prevalent within the technicals, as the bulls have been unable to retrace at least 50% of each subsequent decline.
Tezos XTZ price currently trades at $1.51. A break above the June 30 swing high at $1.68 could trigger a 40% rally into the $2.30 price zone. On the contrary, if the bulls cannot rally soon, the fourth retest of a historical trendline will inevitably occur near the $1.20 price zone.
Tezos price confounds the idea of a short-term bounce on the Volume Profile Indicator. The bears are sparsely scattered around the 2021 decline from $5.89. There seems to be a subtle uptick in transactions after Tezos recently reacquainted with the historical ascending trendline at $1.19. The trendline dates back to October 2020 when the Tezos price showed congestion near all-time lows at $0.75.
XTZ/USDT 2-Day Chart
It is worth noting that the recent bounce from the trendline on June 18, 2022, at $1.19, was simultaneously met with a double bottom signal at the 36 interval on the Relative Strength Index. This key RSI level was also triggered on Dec 24, 2020, when the XTZ price briefly fell and bottomed at $1.57. Furthermore, the interval played a leading role in the bullish divergence in 2020 when the Tezos price witnessed its’ all-time lows of $0.75
Invalidation of the bullish outlook is a closing candle below the historical ascending trendline currently positioned at $1.18 on the 2-day chart. If the bears manage to take this level out, they may be able to push the price as low as $0.75, resulting in a 50% decline from the current Tezos price.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Binance CEO calls CFTC suit “disappointing” as district court halts Voyager $1 billion sale to Binance.US
Voyager’s deal with Binance’s United States entity, Binance.US, faced another hurdle on March 27, the same day that the Commodity Futures Trading Commission (CFTC) went after the crypto exchange. This is the second time in the span of a month that Voyager’s deal has been objected against by the government.
90% of Ethereum supply leaves exchanges as regulators struggle to classify ETH as Security or Commodity
Ethereum is known not only as the second-biggest cryptocurrency but also as the second-generation cryptocurrency. The blockchain not only brought Decentralized Finance (DeFi) to the crypto space but also framed a target on its back following its Proof of Stake transition plan.
This is how EOS holders responded to the network's EVM testnet launch, what to expect this week
The first milestone on the EOS Network Foundation’s roadmap, the completion of the EOS EVM (Ethereum Virtual Machine) code, was achieved on March 22, starting the countdown to the launch of the EOS testnet. Well, it is finally here and the community is elated as it brings them closer to the mainnet release on April 14.
XRP price recovers above $0.44 as court ruling approaches, will Ripple win against the SEC?
XRP price has kept its momentum, flashing green on the one-day timeframe as the countdown to the Ripple vs SEC lawsuit continues. The remittance token is moving in tandem with our prediction last week, soaring by a significant margin to secure a place among the best-performing cryptocurrencies on a one-week timeframe.
Bitcoin: Should you trust this BTC sell signal or wait for $34,000?
Bitcoin price shows a clear picture of its rally after it breached a long-term bullish pattern in mid-January. As the rally takes a breather, sell signs have started to emerge, which is putting investors in a confused state.