Tezos Price Forecast: XTZ targets $5.5 as technicals scream buy


  • Tezos price had a breakout from a descending triangle pattern on the 4-hour chart.
  • A key indicator has just presented a strong buy signal giving credence to the bulls.
  • A 4-hour candlestick close above $4.5 would confirm a bullish breakout with a target of $5.5.

Tezos price aims for a nice rebound after establishing a local bottom at $4.3. The digital asset had a healthy consolidation period from a high of $5.64 down to $3.83, after a massive 115% rally.

Tezos price can quickly jump to $5.5, supported by technicals

On the 4-hour chart, Tezos established a descending triangle pattern. It seems that Tezos price had a breakout above the key resistance of $4.5 but needs a candlestick close to confirm. The bullish price target is $5.5, a 20% move calculated by using the height of the pattern as a reference point. 

xtz price

XTZ/USD 4-hour chart

This outlook is supported by the TD Sequential indicator which presented a buy signal on the 9-hour chart. Additionally, Tezos price has defended the 26-EMA here several times and there is practically no resistance until the previous high of $5.64. 

xtz price

XTZ/USD 9-hour chart

However, if the breakout is not strong enough and Tezos gets rejected, bulls will need to hold the 26-EMA at $4.4 to avoid a major drop below $4 towards a low of $3.83 established on February 15.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

ICON looks extremely bullish in the long-term as ICX price targets $3

A brief technical and on-chain analysis on ICON price. Here, FXStreet's analysts evaluate where ICX could be heading next as it looks ready to continue surging.

More Crypto News

BNB price marches toward $400 regardless of Binance legal woes

A brief technical and on-chain analysis on Binance Coin Inu price. Here, FXStreet's analysts evaluate where BNB could be heading next as it seems primed to advance further.

More Binance Coin News

Uniswap price has gathered the steam for UNI to advance to $30

A brief technical and on-chain analysis on Uniswap price. Here, FXStreet's analysts evaluate where UNI could be heading next as it seems bound to advance further.

More Uniswap News

These two DeFi tokens are primed to skyrocket

SushiSwap continues to trade in a horizontal channel. Aave emerging from an ascending triangle pattern, breaking the 200-day SMA resistance. 

More Crypto News

BEST CRYPTO BROKERS/EXCHANGES



Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP