Tezos Price Analysis: XTZ is starting to converge to a breaking point
- Tezos has performed well on Monday and pushed over 11% higher.
- There is a chart pattern on the chart and the price is creeping toward the apex.
XTZ/USD 4-hour chart
Tezos is in full consolidation mode at the moment. The price has made higher lows but it has also made a lower higher. This means it is converging to an endpoint of the triangle pattern outlined on the chart below. At the moment for the last three 4-hour candles the price is still looking pretty bullish. On the topside, there are some shadows (wicks) to be aware of so watch out.
In terms of the indicators, The RSI has turned higher above the 50 mid-line. This is usually a positive sign but there is no sign of moving into overbought just yet. The price is currently also testing the 55 EMA as you can see on the chart it seems to be respected so there may be some resistance to a move higher here. Lastly, the volume has picked up during the move higher. This is a very positive sign for the bulls and if the volume is even higher on an upside break of the pattern that would be the icing on the cake.
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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.
