• Tezos price broke out of a descending triangle pattern on the 12-hour chart.
  • Bitcoin hit a new all-time high dragging the market with it. 

Tezos broke out of a descending triangle pattern on December 13 and has seen a lot of continuation in the past 24 hours, mostly thanks to Bitcoin’s bullish action. The digital asset aims to hit $2.7 in the long-term.

Tezos price faces very little resistance on its way to $2.7

The breakout of the descending triangle pattern on the 12-hour chart gives bulls a price target of $2.7. Bitcoin finally managed to crack the huge resistance level at $20,000 for the first time ever and the entire cryptocurrency market turned bullish.

xtz price

XTZ/USD 12-hour chart

Tezos also experienced a significant spike in trading volume in the past 24 hours which indicates the bullish breakout has a lot of strength. However, there are some short-term bearish signs.

xtz price

XTZ Trading Volume chart

On the 12-hour chart, the TD Sequential indicator presented a sell signal that can still get validated within the next 24 hours. So far Tezos price has remained above the 26-EMA, which is a strong support level.

xtz price

XTZ/USD 12-hour chart

A breakdown below the 26-EMA would be confirmation of the sell signal and can push Tezos price as low as the psychological level at $2 in the longer-term.

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Shiba Inu price edges close to a 60% breakout as bears watch in disbelief

Shiba Inu price edges close to a 60% breakout as bears watch in disbelief

Shiba Inu price has managed to stay above the POC at $0.0000118, indicating support from bulls. A continuation of this momentum could trigger a 60% rally to $0.0000200. A daily candlestick close below the $0.0000106 support level will invalidate the bullish thesis for SHIB.

More Shiba Inu news

XRP price attempts a 15% rally on Ripple’s interest in buying Celsius' assets

XRP price attempts a 15% rally on Ripple’s interest in buying Celsius' assets

XRP price shows a willingness to move above a significant resistance level, which it has attempted to do so for the past three months and failed each time. While this attempt is like any other and could fail, especially if the momentum is lacking. 

More Ripple news

Avalanche price makes a turn for the better

Avalanche price makes a turn for the better

Avalanche price shows classic ramping pattern accompanied with price ascension. AVAX price has breached the oversold level on the Relative Strength Index. If the technicals are correct, a breach of the $50 barrier could happen rapidly.

More Avalanche news

Binance Coin Price Prediction: Whales take naps at the shore

Binance Coin Price Prediction: Whales take naps at the shore

Binance coin shows reasons to believe in a market bottom. Traders should keep the smart contract giant on their watchlists throughout the summer. Binance coin price is beginning to show evidence of strength.

More Bitcoin news

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin price shows an interesting setup that could reveal its next move. On closer inspection,  its technicals support a bearish outlook for the leading crypto.  

Read full analysis

BTC

ETH

XRP