Tezos Price Analysis: XTZ breaks out of the triangle pattern on the hourly chart
- XTZ trades higher as the crypto sentiment continues to improve on Thursday.
- The key highlight on the hourly chart is the break of the triangle pattern.
XTZ/USD 1-hour chart
Tezos has been trading higher on Thursday as most of the crypto majors trade in the black. The price recently converged into a triangle formation making lower high waves and higher low waves. On Monday there has been a break to the upside and the price is now coming back to retest the pattern.
There is some bullish news in regards to the indicators as the price is still trading above the 55 and 200 moving averages. The Relative Strength Indicator is also looking bullish as it crept into the overbought zone although it has subsequently pulled back under the 70 line. The MACD is also looking positive as the histogram continues to hold above the zero line with the signal lines also above.
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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.
