Chart analysis of Tezos (XTZ) trading trend for April 13, 2022, shows a downward path after showing little bullish force, expected to stay at near $3.3 and below for a day or two.
Tezos has been moving in a downtrend pattern while forming lower low peaks. During the past few days, the coin has constantly been declining from its peaks and is currently priced at $3.10. Yesterday, the bulls tried to push the XTZ price up, and there a bullish candle was formed with an overall price movement of 8%.
The price of Tezos got rejected and couldn’t close above the previous high of $3.14. If the bullish-forming candle closes above the high of $3.19, a turnaround of the coin can be expected, and the price may lead to its highs. The above chart shows a bullish divergence between the price and the RSI indicator, which can be an opportunity for the bulls if the price closes above the previous peak of $3.2.
The Tezos coin is currently evolving at a crucial point, from where robust price action may occur in the long run. The coin price is moving near the uptrend line, stretching over from the last December. The previous week’s candles record a significant price fall. The RSI indicator on the daily chart being 36 was around its oversold zone. The XTZ price is moving at the lower bands of Bollinger, and the price may begin to recover.
Though the technical parameters suggest a bearish signal, the price action in the upcoming days depends on the forming candles as the price closes above or below the previous peaks and troughs. However, if Tezos price continues to climb, it may reach to a minimum of $4.