Tezos Price Analysis: XTZ/USD on verge of a symmetrical triangle breakout targeting $3.2

Tezos has been losing its ground in the market, especially in regard to the market cap. Data by CoinMarketCap shows XTZ having lost its top ten status and retreated to the 13^th position. At the time of writing, the cryptoasset has a market cap of $1.8 billion and has attracted a recorded 24-hour trading volume of $95 million.

It is apparent that attention has shifted to digital assets such as Cardano (ADA) and Crypto.com Coin. Cardano’s performance is attributed to the launch of a new mainnet protocol while Crypto.com Coin keeps investors interested due to its staking offers.

Read also: Cardano Price Forecast: ADA/USD skyrocketing as $0.14 beckons

Tezos technical analysis

XTZ/USD is dancing at $2.61 and battling the resistance at 50-day SMA. Recovery has been steady since the beginning of June. Note that Tezos embraced support above the 200-day SMA following the rejection at $3.00 in June. The ascending trendline (part of the symmetrical triangle pattern) has also been instrumental to the recovery from the devastating fall in March.

As the price grinds close to the triangle resistance, a rally is expected to beat June’s hurdle at $3.00. The RSI is currently above the midline. This follows a sharp rise from 30 (oversold region). A continued movement towards 70 (overbought region) would encourage more bulls to have confidence in the recovery, eventually pushing XTZ/USD past $3.00 and towards $4.00.

The same uptrend is supported by the MACD in the daily range. A bullish divergence above the MACD suggests that buying pressure is on the rise. Moreover, if the MACD crosses into the positive area, we can expect more bullish price actions. Therefore, Tezos is likely to remain in the bullish momentum and trend for the near term.

XTZ/USD daily chart