Tezos Price Prediction: XTZ flashes sell signal at a crucial resistance level
|- Tezos price is trading right below a critical resistance level at $3.43.
- The digital asset faces a lot of selling pressure in the short-term according to a significant indicator.
- XTZ might be poised for a pullback before another leg up resuming the uptrend.
Tezos has been trading in a robust uptrend since December 24, 2020, but has topped out at a crucial resistance level several times. It seems that the digital asset is bound to see another correction as a critical indicator has flashed a sell signal.
Tezos price faces a lot of pressure in the short-term
On the 12-hour chart, the TD Sequential indicator has just presented a sell signal right below a crucial resistance level at $3.43 formed since August 2020. Tezos has been unable to close above this critical point for over six months.
XTZ/USD 12-hour chart
As the TD presented a sell signal, Tezos price is bound for another rejection from the critical resistance level and can quickly fall towards the psychological support level at $3 in the short-term.
XTZ/USD 12-hour chart
However, it’s important to note that Tezos is currently inside a robust uptrend across most time frames and can invalidated the sell signal by climbing above the resistance level at $3.43. Additionally, on the 12-hour chart, Tezos has also formed an ascending parallel channel. A breakout above $3.43 will drive Tezos price towards the upper trendline of the pattern at $3.7.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.