New market data show that Tezos is ready to start a new uptrend. Analysts believe that with the beginning of this uptrend, we should wait for the new historical peak of this digital currency.
to the Report Crypto-briefing, the rapid and rapid collapse of the digital currency market over the past week has caused many traders to panic. For some currencies, such as the Tzos, however, last week’s crash was not the end of the story, and the digital currency seems to be preparing for its historic high.
The price of Tezos has largely recovered after falling on Tuesday. The digital currency went down to $ 3.9 last week and is currently trading in the $ 6 range.
The recent jump in the price of Tezos seems to have caused the digital currency to cross the midline of its parallel channel. Thesis has been fluctuating in this channel since 2019.
In the past, every time Tezos crossed the middle line of this channel, we saw the price increase and reach the top line of the channel. According to historical data, Tezos tends to start a corrective process after reaching this high line.
Looking at the three-day timeframe, it can be said that if Tezos can maintain the support of $ 5.4 in the middle line of the channel, it is likely to grow to the top line of the channel, which is $ 12. Breaking the midline, on the other hand, paves the way for correction to the bottom of the channel at $ 3.
In the daily chart, the price perspective of Tezos is clearer. The Dimark Index shows that the $ 6.6 resistance is a strong resistance and can be considered a barrier to further leaps; Therefore, breaking this resistance in the jump to $ 12 and the 83% increase in price plays a key role.
It is worth noting that the support we mentioned earlier must be maintained. If we see an increase in sales in the market, this support can act as a barrier against further falls.
The 200, 100 and 50-day moving averages are in the range of $ 4 to $ 3, which strengthens the support in this area. Fibonacci 23.6 and Dimark support are other obstacles that prevent the price from falling further. This demand wall may act as a price recovery area.