- Tezos is looking forward to a remarkable upswing to $3 if the triangle x-axis is broken.
- XTZ/USD will abandon the bullish outlook if the price closes the day under the 50 SMA on the 4-hour chart.
Tezos is trading at $2.4 following an impressive recovery from the recently established support at $2.16. The breakdown necessitated the upswing at the beginning of December from a price level of around $2.6. For now, all attention has been channelled to breaking the stubborn resistance at $2.44 to pave the way for gains toward $3.
Tezos rebounds from crucial support as a breakout looms
Over the last seven days, Tezos price action has led to the formation of an ascending triangle in the hourly timeframe chart. The x-axis has been presented as a barrier that continues to hinder price movement. On the other hand, an ascending trendline has connected the swing lows.
XTZ/USD 1-hour chart
An upsurge in buying pressure around the prevailing price level will likely boost XTZ above the critical hurdle at $2.44. Thrusting through this supply area will probably jumpstart Tezos uptrend by more than 20% toward the next seller congestion at $3.
The upswing above the triangle is usually arrived at by measuring the distance between the widest ranges and adding it to the break out point.
XTZ/USD 4-hour chart
The 4-hour chart shows that the optimistic outlook will be invalidated if Tezos price corrects below the 50 Simple Moving Average and the 100 SMA. If supply for Tezos increases due to the instability created by the correction, a downtrend would come into the picture, where declines to the 200 SMA will have to be endured.
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.
Recommended Content
Editors’ Picks
Is Ethereum's comeback real?
Ethereum price hovers above $2,500 on Friday after soaring nearly 100% since early April's bottom. The ETH Pectra upgrade has boosted over 11,000 EIP-7702 authorizations in a week, indicating healthy uptake by wallets and dApps. The growing stablecoin usage and tokenization, Layer 2 institutionalization and ETH short unwind support the price rally.
Bitcoin Weekly Forecast: BTC stabilizes near $103,000 amid trade optimism, rising institutional demand
Bitcoin price stabilizes around $103,000 on Friday after facing multiple rejections at the key $105,000 resistance level throughout the week. Risk-on sentiment prevails, driven by global trade deals, strong corporate accumulation, and spot ETF inflows.
EOS price climbs as sentiment improves following $3 million purchase by President Trump's World Liberty Financial
EOS price rebounds from short-term support at $0.75, boosting bullish sentiment amid broader market consolidation. President Donald Trump's World Liberty Financial purchases $3 million worth of EOS at an average price of $0.82.
FTX creditors set to receive over $5 billion in recovery plan payout handled by Kraken and BitGo
Defunct crypto exchange FTX will distribute $5 billion to holders of allowed claims starting May 30. Creditors with completed pre-distribution requirements will receive between 54% and 120% of their original claims.
Bitcoin: BTC stabilizes near $103,000 amid trade optimism, rising institutional demand
Bitcoin (BTC) price stabilizes at around $103,000 when writing on Friday, after facing multiple rejections at the key $105,000 resistance level throughout the week.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.