Tezos Price Analysis: XTZ/USD stalls ahead of symmetrical triangle breakout eyeing $3.00
|- Tezos has lost almost 5% of its value in the last seven days amid the struggle to hold above $2.5 and step past $3.00.
- XTZ/USD lagging triangle breakout could culminate in losses likely to test $2.50 support.
Tezos bulls are determined to hold on to the recovery trend since the “Black Thursday” crash in March. Unfortunately, they are also dealing with increased selling activities especially after the zone at $3.00 became impenetrable. Bears have instead, continued to force XTZ against critical levels at $2.80 and $2.50 respectively.
The first support at $2.8 (now resistance) already gave in to the selling pressure. The second support at $0.25 is still in place and is aided by the 50-day SMA. The gap between the 50-day SMA and the longer-term 100-day SMA is widening as a show of strength by the buyers.
Meanwhile, XTZ/USD is trading at $2.69 amid a sideways trend in accordance with various technical indicators such as the RSI and the MACD. The first indicator seems to be nurturing a sideways movement at 55. There was an attempt earlier this month to adjust towards the overbought but the RSI lost steam short of 70 which also marked the end of the price action targeting $3.00. On the other hand, the MACD is holding above the mean line, signaling that even though the trend is not bullish, buyers are relatively in control.
Tezos is also trading within the apex of a symmetrical triangle pattern. The gradual price action continues to delay a possible breakout that could easily catapult XTZ to highs above $3.00. On the contrary, if a breakout continues to delay, sellers are likely to gain traction and in equal measures, the price could drop to test levels at $2.50. It is therefore essential to check the indicators and breakout points in theses choppy markets.
XTZ/USD daily chart
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