Tezos Price Analysis: 2.50 has been taken out but there is a potential bearish sign

• Tezos is trading 9% higher on Thursday as most cryptocurrencies jump.
• The next upside target is 3.00 and the price has accelerated out of the channel.

XTZ/USD 4-hour chart

Tezos has been pushing higher on Thursday as most of the major cryptocurrencies catch a bid. As you can see from the chart below, the 2.50 level has now been broken and the price is trading toward the next resistance zone at 3.00. The great sign is the fact the price accelerated outside of the black channel pattern and now the top could be used as support if there is to be a retracement.

The indicators are giving mixed signals, the price has made a higher high wave but the relative strength index indicator has posted a lower high although the move has not finished yet. This is sometimes an indication that the momentum for the move higher might be wearing thin. The price is also trading above the 55 and 200 moving averages which is bullish and the volume is also rising which is a good sign following the price rise.