- Tezos price seems to be contained inside an ascending parallel channel on the 12-hour chart.
- XTZ has been trading inside an uptrend since December 23, 2020, and aims for higher highs.
It looks like Tezos is trading under a significant resistance trendline which stops the digital asset from rising towards $5. Additionally, XTZ faces a strong short-term selling pressure according to a crucial indicator.
XTZ price might need to see a pullback before a run to $5
On the 30-minutes chart, the TD Sequential indicator presents a sell signal which had a continuation. On the 1-hour and 6-hour charts, a green eight candle can be seen and this one is often followed by a sell signal.
XTZ sell signals
Validation of all sell signals could quickly push Tezos price down to $2.6, a support level on the 12-hour chart. In this chart, Tezos has established an ascending parallel channel since December 23, 2020.
XTZ/USD 12-hour chart
However, Tezos price is closer to a breakout currently as it trades at $3.10 and the resistance is located at $3.3. Cracking this barrier would drive Tezos price towards $4.4 in the long-term before a potential run to $5.
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.