While major cryptocurrencies are staging a recovery after the market dip last week, altcoins such as Tezos [XTZ] are posting impressive gains after bouncing back from the recent price correction in the broader market. This is evident from the fact that the smart contract platform surge by 32.5% in a span of just 2 days.
The 42nd ranked asset has shown a steady comeback as the value reached $5.7 in the wee hours of 30th November and marked a 24% increase over the course of the day. Echoing a similar observation, prominent analytics platform Santiment noted,
“Tezos’s market price is up an impressive +24% in the past 24 hours, and the crowd appears to remain more bullish than normal toward the 41st largest asset by market cap. After a -48% retracement, this could be a mark of a turnaround.”
At the time of writing, the asset is changing hands at $5.37 rising by more than 14% in the last 24 hours. Its market cap was found to be at $4.61 billion. The native token’s 24 hour trading volume stood at $774 million. Could this be a hint of an upcoming rally? Let’s delve deeper into the price technicals.
Tezos [XTZ] Daily Chart analysis
From the above daily chart, the Parabolic SAR hovering below the price candles is cushioning from further market downturn which is indicative of an upswing price trajectory. The closing candles in the green of the Awesome Oscillator [AO] is depicting a much-needed switch to bullish price movement in the coin market. However, in the trading activity, the Relative Strength Index [RSI] is projecting the domination of the sellers and at the same time signaling buyers’ effort to gain a foothold.
In a nutshell, if the ongoing bullishness of Tezos in the market continues then this might be a trend reversal on the upside.