Home Tezos Price Forecast: XTZ poised to rise by more than 30%
Crypto News

Tezos Price Forecast: XTZ poised to rise by more than 30%

  • Tezos price has risen by more than in the past 24 hours.
  • A successful breakout paves the way to test the all-time high at $5.66.
  • Strong volume supports XTZ’s bullish narrative.

Tezos price is breaking out from a month-long downtrend. A clear breach of the descending trendline at $4.30 favors a quick move to the all-time high at $5.66.

Tezos price enters a 30% uptrend

Since the February 23 low at $2.92, the 100 twelve-hour simple moving average (SMA) has been a vital support for Tezos price, and there have been only two closes below this trend following indicator.

The current 12-hour candlestick shows a gain of 11%, and it’s easily the largest gain since the February 14 high, with a 40% increase in volume powering it.

If the breakout holds, Tezos price will face little resistance until $5.66 and lock in a quick gain of 30%. A generous profit target for the rally is the 1.382 extension level of the February correction at $6.68, which would represent a 50% gain.

XTZ/USD 12-hour chart

XTZ/USD 12-hour chart

On the other hand, a rejection of the breakout on a daily closing basis would raise the probability that Tezos price will test the 100 twelve-hour SMA at $3.85 in short order. Subsequent support does not appear until $2.92.

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.