Sheldon McIntyre, CMT
Independent Analyst
- Tezos price has risen by more than in the past 24 hours.
- A successful breakout paves the way to test the all-time high at $5.66.
- Strong volume supports XTZ’s bullish narrative.
Tezos price is breaking out from a month-long downtrend. A clear breach of the descending trendline at $4.30 favors a quick move to the all-time high at $5.66.
Tezos price enters a 30% uptrend
Since the February 23 low at $2.92, the 100 twelve-hour simple moving average (SMA) has been a vital support for Tezos price, and there have been only two closes below this trend following indicator.
The current 12-hour candlestick shows a gain of 11%, and it’s easily the largest gain since the February 14 high, with a 40% increase in volume powering it.
If the breakout holds, Tezos price will face little resistance until $5.66 and lock in a quick gain of 30%. A generous profit target for the rally is the 1.382 extension level of the February correction at $6.68, which would represent a 50% gain.
XTZ/USD 12-hour chart
On the other hand, a rejection of the breakout on a daily closing basis would raise the probability that Tezos price will test the 100 twelve-hour SMA at $3.85 in short order. Subsequent support does not appear until $2.92.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Ripple Price Forecast: Debut of cash-settled XRP futures on CME fails to trigger rally
XRP slides for two consecutive days as sentiment in the broader market remains cautious. In its debut, the XRP futures launch on CME Group’s derivatives platform exceeded $2.4 million in trading volume.
Bitcoin fails to reach all-time high despite building institutional and state support
Bitcoin (BTC) price stabilizes at around $105,200 at the time of writing on Tuesday, just 4% shy of its record peak. The positive narrative builds as JPMorgan CEO Jamie Dimon said the bank will let clients buy Bitcoin on Monday.
Aave targets $300 following the protocol’s deployment on Aptos, rising open interest
Aave’s rally is testing the $270 resistance, fuelled by growing optimism for a push beyond $300. Aave v3 protocol’s deployment on Aptos marks a new era for cross-chain crypto lending.
Cardano Price Forecast: ADA on the verge of correction as momentum weakens
Cardano price hovers around its key support at $0.72 on Tuesday; a close below could trigger a correction. On-chain metrics support a bearish thesis as ADA daily active addresses and DEX trading volume are falling.
Bitcoin: BTC stabilizes near $103,000 amid trade optimism, rising institutional demand
Bitcoin (BTC) price stabilizes at around $103,000 when writing on Friday, after facing multiple rejections at the key $105,000 resistance level throughout the week.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.