Tezos price has dropped from its highs of $9.47 since October and reached its crucial support. During the end of December, the coin begun to rise but couldn’t cross its next resistance of $5.98. The XTZ coin got tested at the downtrend line on January 22 & 24 but faced rejection and declined. The coin may reach a minimum of $5.3 with the constant formation of bullish candles.
There has been the formation of bullish candles over the last week, reflecting a possibility of further price rise. In the past four months, the coin had reduced enormously and had been a gainful opportunity for the investors.
On the daily chart, the MACD line is above the signal line, which indicates a bullish signal. The RSI being at 54, is heading towards the overbought zone. The price of the XTZ coin is rising from the support line and the downtrend line. The price is rising from the same point from where it ascended in the previous year.
In the previous week, there was a rise of 37% in favor of bulls. In the last two weeks, Tezos got tested twice at the support line but failed to decline further. The price is taking the support of the uptrend line extending from last December 21 and has begun to uplift.