- 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.
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.