Tezos price finds support, which may see XTZ rise to $3
- Tezos price action is ready to complete the triangle formation.
- The ascending slope has been tested and well-respected, but the top line is prepared for the break.
- Current risk-on sentiment in the markets and Bitcoin recovery helps XTZ and others recover across the board.
Tezos price is going higher due to general risk-on sentiment, Bitcoin recovery and technical indicators.
Tezos price ready for a break to the upside
Markets today are back to risk-on mode and are shrugging off the bearishness. Bitcoin has already almost completely reversed its dip, and other cryptocurrencies are surfing on the recovery wave in the markets right now.
On an hourly chart, Tezos price formed a triangle nicely that is almost being completed. Both the ascending line of the triangle and the inner-ascending trend line is very well-supported with very few retests. In the past few hours, we have only seen higher highs and higher lows, so XTZ is under buying pressure moving up.
The next stop for Tezos price is the baseline of the triangle at $2.80. Once that breaks, and XTZ moves higher, there is not much obstruction in going toward the $3.20 level. That level was the high of the consolidation range we were in last weekend and looks compelling for a retest.
XTZ/USD hourly chart
Entry at the ascending trendline looks compelling for a long. Once Tezos price can break above the triangle base at $2.80, it is not far of a jump toward $3.20.
Author
FXStreet Team
FXStreet
Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.
