Tezos Price Analysis: XTZ/USD falling Wedge Pattern Breakout Rushing Towards $4.00
- Tezos bulls revive the uptrend after bouncing off support at $3.20.
- XTZ/USD could build on the wedge pattern breakout and achieve highs not only above $4.00 but also $4.50.
Tezos bulls managed to defend the support at $3.20 following a continued breakdown from the 2020 high traded recently at $4.50. The downtrend remained unstoppable with the price breaking support after support. The buyer congestion at $3.20 this past weekend was a fresh breath of air into the bullish camp as XTZ/USD commenced the ongoing reversal towards the coveted $4.00.
At the time of writing, the price is trading above a falling wedge pattern following a breakout. Tezos is dancing at $3.61 amid the push to reclaim the inches of the ground towards $4.00. The price is also trading above the moving averages too where the 50 SMA $3.50 and the 100 SMA at $3.59 in the hourly range are in line to provide support in the event a reversal comes into the picture.
Read also: Bitcoin Price Forecast: Why BTC/USD Is Stalling Despite Reclaiming $11,600 Support?
XTZ/USD 1-hour chart
Looking at Tezos from a technical perspective, it becomes apparent that buyers are dominantly in control. This is reflected by the Relative Strength Index (RSI) sharp spike towards the overbought region (70). Besides, the Moving Average Convergence Divergence (MACD) cross above the mean line (0.00) confirms the bull’s increasing influence over the price.
Tezos is poised for more action above $4.00 and this will mainly build on the breakout above the falling wedge pattern. Trading above $4.00 will pave the way for gains beyond the yearly high at $4.50.
XTZ/USD Intraday Levels
Spot rate: $3.64
Percentage change: 3.78%
Relative change: 0.1297
Trend: Bullish
Volatility: Expanding
Read more: Tezos Price Analysis: XTZ/USD Rising Wedge Pattern Prints Potential Massive Breakdown Eyeing $4.0
XTZ/USD could build on the wedge pattern breakout and achieve highs not only above $4.00 but also $4.50.
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John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
Published at Mon, 24 Aug 2020 03:18:42 +0000
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