Maintaining a downtrend motion for most of 2023, the XTZ price action forms a falling channel pattern in the daily chart. Following the early 2023 gains of around 102%, the downtrend crashed the Tezos market value and crushed the dream of a golden crossover.
Despite the ongoing long-coming bear trend, the recent reversal improves the upcoming Tezos price prediction and signals a buying opportunity.
As the altcoins take a bearish hit, Tezos gives a bullish breakout of the long coming resistance trendline to exit the falling channel. Moreover, the uptrend overcomes the declining 50-day EMA with dominance.
Despite the sharp comeback, the XTZ price is yet to end the lower high formations. However, the comeback rises above the crucial $0.70 mark. This signals a range breakout that was between $0.70 and $0.628.
Currently, the Tezos market value is at $0.719 with an intraday gain of 10.49%, leading to a huge bullish engulfing candle. The bullish comeback in the XTZ price overcomes a multitude of bearish pitfalls and signals a strong uptrend possibility.
Technical Indicators:
RSI indicator: The daily RSI line skyrockets to surpass the halfway line and puts a bullish exclamation mark. This reflects a sharp increase in the underlying bullish sentiments.
EMA: The 50-day EMA breakout will increase the chances of the Tezos market value reaching the 200-day EMA.
Despite the long coming downfall, the recent consolidation breakout led to various breakout signals. This reflects a sudden increase in positive sentiments around the Tezos. Moreover, it hints at the XTZ price ready to skyrocket in the Uptober rally.
While the bullish candle is yet to give a positive closing, the high spirits of Tezos HODLers anticipate a bull run. With the breakout candle igniting a bullish sprint, the XTZ prices can reclaim the $1 mark shortly.
On the flip side, failure to close above the 50-day EMA, or the broken trendline, or the $0.70 mark can hamper the upside rally. In such a case, the prices may coil back under the falling channel.
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