The Tezos price is up by a percentage point in today’s trading session. The crypto has also been in an aggressive bull move, recording an 11 per cent increase during yesterday’s trading session.
The past few months have been extremely volatile for Tezos. This month, Tezos started strongly, and at one point, its prices were up by 12 per cent. However, a new bullish wave across the entire cryptocurrency industry saw Tezos prices drop, and at one point set a new price low of $1.195. This was a 42 per cent price drop from the crypto’s monthly opening price of $2.08.
However, in the second half of this month, Tezos has become aggressively bullish. The prices have risen from the price lows of $0.195 to the current price of $1.61, a price surge of 34 per cent. Although Tezos is still down by 22 per cent for the month, the recent aggressive upward surge has helped lessen the drop that resulted from the recent cryptocurrency crash.
The previous months were also aggressively bearish. In May, for instance, Tezos recorded a price drop of 17 per cent. Tezos was also down by 32 per cent in April, an indication that the June price losses were as a result of long-term market moves.
Despite Tezos being in a long-term bear market, the last few weeks have been aggressively bullish. Today, the prices are up by a percentage point, extending yesterday’s 11 per cent gain. Looking at the chart below, it is likely that we are in a trend reversal to the upside. Therefore, my Tezos price prediction expects the prices to continue going up for the next few trading sessions.
There is also a high likelihood that we will see the prices continue to rise throughout the trading session. Based on the current price action that shows a strong push to the upside, I expect the prices to hit the $2 psychological level. My bullish analysis will, however, be invalidated if prices drop to trade below the $0.145 price level. At that point, a bearish trend will have started.
This post was last modified on Jun 29, 2022, 00:09 BST 00:09