Tezos Price Prediction: XTZ attempts to breakout but technicals point to a retracement first
- Tezos price is currently breaking out and seeking higher highs after touching $2.97.
- Some technical indicators are showing that XTZ could potentially pullback in the short-term.
Tezos is up by 45% in the past week as it was one of the few cryptocurrencies left to go up. Bulls face a critical resistance level at $3, and some technical indicators suggest that investors should sell in the short-term.
Tezos price needs to crack $3 but might need to pull back first
On the 9-hour chart, the TD Sequential indicator has presented a sell signal at $2.9 after a rejection from the psychological level at $3. The RSI remains slightly overextended, which is also adding even more selling pressure to XTZ.
XTZ/USD 9-hour chart
The last sell signal on October 13 was accurate and got validated with an 11% follow-through. The nearest bearish price target would be the low at $2.5, followed by the psychological support level of $2.
XTZ/USD daily chart
On the other hand, a breakout above the resistance level at $3 could quickly drive Tezos price towards the next price target at $3.52 on the daily chart. The MACD flipped bullish on November 6, and it’s gaining strength.
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.
