Will XTZ Price Maintain Bullish Momentum As Tezos Bulls Display Huge Moves?

The post Will XTZ Price Maintain Bullish Momentum As Tezos Bulls Display Huge Moves? appeared first on Coinpedia Fintech News

The Tezos price has displayed a significant jump in its value recently, indicating a strong bullish sentiment in the crypto space. Further, the price has formed a bullish flag pattern, highlighting the possibility of a massive price action in the coming time.

The Tezos coin price traded in a range between $0.90 and $0.946 for a while, following which the bulls lost momentum and the price experienced a correction of approximately 11% in valuation.

After displaying neutral trends for a while, the bulls regained power and jumped over 18%, following which the price faced rejection at $1.0. The bulls constantly attempted to break out of the resistance level, but the bulls overpowered the market, resulting in the price trading sideways for a while.

After this, the XTZ coin price traded in a consolidated range between $1 and $1.121 for over a week, indicating mixed sentiments in the market. The price then recorded a correction of over 15% and traded in a closed range between $0.946 and $1 for a while.

Following this, the XTZ price experienced another correction in its valuation of 10%, but the bulls held the price strong above the support level of $0.845, resulting in a bounceback.

Recently, the bulls displayed a massive jump of 32% in its valuation, following which the price faced rejection at $1.121. Since then, the price has been traded sideways in a closed range between $1.044 and $1.121.

Will The XTZ Price Continue Rising?

The RSI displays a fall in its chart, indicating an increase in the selling pressure in the market. Moreover, the averages show a high possibility of a bearish convergence, suggesting the price will continue losing value in the coming time.

If the bulls hold the price above the support level of $1.044, the price will attempt to test its resistance level of $1.121. Further, if the market maintains the price at that level, it will prepare to test its upper resistance level of $1.195 over the weekend.

Negatively, if the bulls fail to hold the price above the support level, the XTZ price will fall to test its lower support level of $1. Moreover, if the bears continue to hold power, it will plunge and prepare to test its crucial support level of $0.950 by the coming week.