Tezos price makes new all-time high at $4.7 but faces short-term selling pressure
- Tezos price has just hit a new all-time high at $4.73 on February 12.
- XTZ bulls have invalidated the two sell signals presented on the daily and 12-hour charts.
- However, more sell signals are present in the short-term for Tezos.
Tezos price had a massive 18% explosion in the past 24 hours, reaching $4.73 for the first time ever. The digital asset has hit a market capitalization of over $3.5 billion, but it might need to see a pullback before another leg up.
Tezos price at risk of a short-term correction
On the 2-hour chart, the TD Sequential indicator has just presented a sell signal and a green ‘8’ candlestick on the 6-hour chart, which is often followed by another sell signal.
XTZ Sell Signals
The validation of the sell signals can push Tezos price down to $4.3 in the short-term, right where the 78.6% Fibonacci retracement level is established. Further down, there is a key support level at $4, which coincides with the 61.8% Fib level.
XTZ/USD 6-hour chart
However, bulls can quickly invalidate the bearish outlook again by pushing Tezos price to a new high above $4.73. The bullish price targets above are located at $5.3, the 127.2% Fib. level, and up to the psychological level at $6, which converges with the 161.8% level.
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.
