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Tezos Price Prediction: XTZ on the verge of a potential jump towards $2.5

  • Tezos price is contained inside a descending triangle pattern formed on the 1-hour chart.
  • A clear breakout has the potential to drive XTZ towards $2.5.
Tezos Price Prediction: XTZ on the verge of a potential jump towards $2.5
Lorenzo StroeLorenzo StroeIndependent Analyst

Tezos dropped by 28% in the past three days since the entire cryptocurrency market crashed and it’s now trying to recover after a small bounce from its low at $2.07. A clear breakout above a crucial descending triangle pattern could drive Tezos price to $2.5.

Bulls are eying up $2.5 in the short-term for Tezos price

On the hourly chart, Tezos price is bounded inside a descending triangle pattern. The current price is just below the upper trendline. A breakout above this point can quickly drive XTZ towards $2.5 using the height of the pattern as a reference point.

xtz price

XTZ/USD 1-hour chart

On the other hand, a breakdown from the lower trendline at $2.16 would be a notable bearish sign and can push Tezos price towards a low of $1.92 as the maximum target for the sellers.

Author

Lorenzo Stroe

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.

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