Flow and Tezos Counter Market’s Bearishness With a 38% Rally

Key Insights:

• Flow led the rallying altcoins with a 38% incline.
• Tezos followed in the footsteps of Flow to rise by 5% in 24 hours.
• Bitcoin and Ethereum declined to trade at $22.5k and $1.5k today.

As most of the altcoins exhibited mixed signals, the crypto market remained mostly unmoved, leaning slightly towards the bears remaining above the $1.03 Trillion mark.

Bitcoin and Ethereum did not note any rise, though, instead fell to $22,516 and $1,589, respectively.

Flow and Its Bullish Flow

As one of the best-performing assets of the day, Flow managed to chart a 38.08% rally in the span of just 24 hours to trade at $2.54 at the time of writing.

Despite noting no significant rises for the past two months, FLOW managed to recover all of June’s losses with a single-day rise. The altcoin is now looking at doing the same with May’s crash of 47.19% as well.

For the same FLOW will need as much support from the market as possible, and by the looks of it, it may already have it. The MACD, which almost receded into a bearish crossover, was revived today to continue its bullish rise, supported by the appearance of the green bars on the indicator.

Additionally, it also has the 50-day Simple Moving Average (SMA) (red) line as support for over a week now, and today’s rise also flipped the 100-day SMA (green) into support from resistance.

The extended wick, which almost reached $4, also neared the 200-day SMA, but for the same to become support will take some time. More bullish cues will be essential in the future.

Tezos to Back to $2?

One of the rising cryptocurrencies, Tezos, has managed to pull itself up from June’s lows after the 42.29% crash left it at $1.26. Trading at $1.8, XTZ stuck with the bulls today and shot up by almost 5% in 24 hours.

However, the altcoin is yet to recover the entirety of the crash, and in doing so, it will not only rise above $2 but also inch closer to $2.25.

The chances of that happening aren’t completely zero, as the price indicators are still leaning in favor of a rally.

The Parabolic SAR has been in an uptrend for the entirety of the week, and as long as the white dots of the indicator sit below the candlesticks, the uptrend will continue.

Secondly, despite flashing red bars, the Awesome Oscillator is above the neutral line. Historically such situations have also been in favor of a rise and seem to be doing so now as well.

Provided the entire market does not slip into a crash, XTZ has enough room to rise further and breach $2 by the end of next week.