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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 Price Forecast: XTZ opens the path to a 15% rebound in the short-term
Lorenzo StroeLorenzo StroeIndependent Analyst

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.

tezos price

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

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.

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