Tezos (XTZ) reverses downtrend to establish bullish momentum
Tezos (XTZ) has seen a short-term decline over the last few months. The coin had in fact plummeted nearly 60% and was trading just around its bottom support of $3.85. But it seems Tezos (XTZ) has broken the downtrend, and after consolidating, the coin has surged over the last few days. But can it hold this momentum, and for how long? First, here are some important highlights:
After plummeting nearly 60%, Tezos (XTZ) has been surging in recent days. The coin was trading at $4.90 at the time of writing.
The daily Relative Strength Index or RSI also shows the coin on the neutral zone, suggesting buyer activity could start to pick up.
Tezos (XTZ) has managed to surge beyond its previous overhead resistance of $4.54, an indication a bullish uptrend is on.
Data source: Tradingview.com
Tezos (XTZ) – price action and analysis
Like many altcoins in the wider crypto market, Tezos (XTZ) has seen incredible declines in December. Just recently, the coin had tanked, trading around its lower support of $3.85. This was nearly 60% in lost value. It was the ideal dip to buy, and we started to see some consolidation around that price.
But right now, Tezos (XTZ) has broken the downtrend and reversed towards a bullish momentum. The coin breezed past its $4.54 overhead resistance, and some analysts see it hitting $5.8 in the near term. However, despite these gains, the coin is still lower than its 50-, 100-, and 200-day exponential moving averages.
Should you buy Tezos (XTZ)
Tezos (XTZ) is a great asset to buy for people looking to invest in alternative blockchain networks. The fundamentals of the coin are positive. However, it may take a bit longer for Tezos (XTZ) to deliver its full value. If you decide to invest in it, expect wild short-term volatility, but eventually, long-term gains will be realised.