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.

Tezos Triangle formation

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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

BTC/USD may retest SMA200 weekly if $6,500 is not retaken any time soon.

BTC/USD is hovering around $6,300, down 1% on a day-to-day basis. The first digital coin has been moving within a short-term bearish trend amid expanding volatility.

More Bitcoin News

Ripple Price Prediction: XRP/USD short-term bulls aim at $1780

Ripple (XRP) has been range-bound recently. The third-largest coin settled above $0.1700, which is a good signal, but the further upside seems to be limited so far.

More Ripple News

ETH/USD locked in a range; short-term recovery capped by $134.40

ETH/USD is changing hands at $132.00, mostly unchanged both on a day-to-day basis and since the beginning of Wednesday. The second-largest digital asset has been moving within a short-term bearish trend amid high volatility. 

More Ethereum News

Triangle pattern breakout hints BCH/USD rally beyond $250

Bitcoin Cash price if dealing with increased selling activity on Wednesday just like the other major cryptocurrencies. BCH/USD is down 1.33% on the day while the price hovers above the initial short term support at $214.

More Bitcoin Cash News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Coronavirus will either kill Bitcoin or make it stronger

Bitcoin is about to finish the second positive week in a row. The first digital coin has recovered from $5,680 and came close to psychological $7,000 during the week.

Read the weekly forecast

BTC

ETH

XRP