Tezos Price Prediction: XTZ takes off while technical levels improve


  • Tezos breaks out of a ranging channel as bulls target liftoff to new all-time highs.
  • XTZ must close the day above $5, which may open the door to highs past $5.6.
  • The TD Sequential indicator flashed a sell signal likely to invalidate the upswing.

Tezos had over the last two weeks danced within the confines of a ranging channel as illustrated on the four-hour chart. Last week’s dip embraced support at $3.8, giving way to the resumed uptrend. A break above the channel has validated XTZ’s bullish outlook.

Tezos back in the bulls’ hands

Tezos is trading at $4.74 at the time of writing. The prevailing trend is massively bullish, as reinforced by the Relative Strength Index (RSI) on the four-hour chart. This trend strength indicator has entered the overbought region and is unlikely to reverse in the near term.

XTZ/USD four-hour chart

XTZ/USD four-hour chart

Uplift past $5 would validate the acceleration to a new all-time high. Note that the 50 Simple Moving Average (SMA) on the four-hour chart holds above the 100 SMA and the 200 SMA, implying the trend is favoring the bulls.

Looking at the other side of the fence

The TD Sequential indicator has flashed a sell signal on the four-hour chart. The call to sell manifested in a green nine candlestick. This signal shows that the bullish momentum could be fading while giving way for sellers to take control.

XTZ/USD four-hour chart

XTZ/USD four-hour chart

Note that if the sell signal is validated, Tezos will start to lose ground. A return into the ranging channel may also trigger more sell orders. On the downside, primary support is anticipated at $3.8; however, the 50 SMA, 100 SMA and 200 SMA are in line to prevent a potentially massive freefall.

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.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Ethereum bulls eye $2,500 after shattering crucial resistance level

Ethereum price closed well above the MRI's breakout line at $2,345, suggesting a massive bullish momentum in play. Whales are accumulating non-stop, which hints at their interest in ETH at current price levels. A bullish divergence between the number of daily active addresses and exchange deposits reveals a move to $2,500 shortly.

More Ethereum news

Chainlink adoption soars, but LINK price may retrace before setting up new all-time highs

Chainlink Network will now receive high-quality price feeds from traditional markets via data provider New Change FX. LINK price shows signs of exhaustion as the MRI flashed a cycle top signal.

More Chainlink news

Algorand vies for 85% advance upon the breach of its consolidation

Algorand price is traversing a bullish pennant, hinting at an 85% upswing to $2.83. A decisive close above $1.53 will signal a breach of the pennant’s upper trend line.

More Algorand news

XLM Price Forecast: Stellar measured move target limits upside for speculators

XLM price has stumbled out of a cup-with-handle base on a 12-hour chart. The lack of impulsiveness combined with a near touch of the measured move target points to a pause for the new rally or even a bull trap. The short-term upside appears limited.

More Stellar news

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: SEC commissioner cozies up to BTC ETF, on-chain metrics reset making way for volatile move

Bitcoin’s mainstream adoption has soared over the last couple of months, with institutions like Visa, Goldman Sachs, Morgan Stanley, and others dipping their toes in the BTC markets. Likewise, prices look primed to advance further despite the ongoing consolidation phase.

Read the weekly forecast

BTC

ETH

XRP