Tezos Price Forecast: XTZ poised to rise by more than 30%
- 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.
Author
Sheldon McIntyre, CMT
Independent Analyst
Sheldon has 24 years of investment experience holding various positions in companies based in the United States and Chile. His core competencies include BRIC and G-10 equity markets, swing and position trading and technical analysis.
