Tezos Price Forecast: XTZ opens the path to a 15% rebound in the short-term
- Tezos price is contained inside an ascending parallel channel on the 4-hour chart.
- The digital asset has defended an important support trendline.
- There is fairly weak resistance above $4.2 for Tezos.
Tezos has been trading in a daily uptrend for the past two weeks and aims for a new leg up above its most recent high of $4.6. The trading volume of XTZ has declined significantly over the past 48 hours, indicating that a big move is underway.
Tezos price on its way to a significant rebound
On the 4-hour chart, XTZ bulls have managed to hold a key support trendline which is part of the ascending parallel channel. A rebound from this point should quickly drive Tezos price towards the middle trendline of the pattern at $4.4 and up to the upper boundary at $4.8.
XTZ/USD 4-hour chart
On the other hand, bears need to push Tezos below the key support trendline to confirm a breakdown. Losing the psychological level of $4 will drive Tezos price down to $3.3, which is a 16% drop calculated using the height of the parallel channel as a reference point.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
