Tezos Price Analysis: XTZ forms a triangle pattern as bullish technical signals emerge
- Tezos has pushed over 3% higher on Monday as the cryptopshere bounced back.
- A triangle pattern has now formed on the 4-hour chart.
XTZ/USD 4-hour chart
Tezos has pushed higher on Monday and looks to be heading back into its uptrend. The price has used the 200 simple moving average to good effect as support. The key level on the upside is now the 3.00 level.
As you can see on the chart below, the price has converged into a triangle formation as the lower highs and the higher lows come together. The volume is looking slightly thin, which is a concern, but that could just be down to holiday volumes.
Looking closer at the indicators, the Relative Strength Index is now moving into a more positive area. The MACD at the bottom also looks like it might be heading for a bullish turn. Overall, if there is to be a price break higher, it would be good for the bulls to see the volume increase for more bullish confirmation.
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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.
