Tezos Price Analysis: The price is still hovering above 1.700 but the level looks vulnerable
- Tezos is trading nearly 1% higher on Thursday but the volume is slightly dead.
- The price has converged into a triangle pattern and the key 1.70 level looks vulnerable.
XTZ/USD 1-hour chart
Tezos is trading around 1% higher on Thursday in a lacklustre day in the crypto sphere. There is now a triangle formation on the hourly chart below and the pair is moving closer to the apex. A break in either direction could tell us about the future trajectory of the price. The price is also above both the 55 and 200 moving averages and this could be considered bullish.
The more recent price action has been bullish too with the price making higher low waves. One concern bulls may have is the lack of volume. The sell-side candles seem to have bigger volume spikes than the buy-side ones. Away from this, the structure of the chart is better than some of its counterparts. Holders of Tezos should be happy unless one of the support zones on the chart below are broken, especially 1.45.
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Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
