Tezos price has been consolidating in a symmetrical triangle pattern for almost a month. XTZ could drop 12% due to Tom DeMark Sequential indicator’s sell signal. Completion of this technical formation forecasts a 40% breakout. Tezos price could see a small pullback after hitting a ceiling in a symmetrical triangle pattern. Coercing this correction is another indicator’s sell signal, which makes the drop compelling. Tezos price hits a roadblock Tezos price has been forming lower highs ever since it hit a local top of $5.64 on February 14 due to aggressive sellers. However, buyers responded with an equal force, creating higher lows. A symmetrical triangle pattern forms by connecting the swing highs and the swing lows using trendlines. This setup’s target is identified by measuring the distance between the pivot high and pivot low and adding it to the breakout point. Since this pattern has no inherent bias, the direction of the breakout could go either way. Now, Tezos price seems to have hit a blockade around the $4.58 level due to the presence of the declining trendline acting as resistance and the SuperTrend indicator’s sell signal. Favoring a pullback is the Tom DeMark sequential indicator, which forecasted a one-to-four candlestick correction after a sell signal in the form of a green nine candlestick was formed on the 12-hour chart. Due to such a strong confluence of multiple technical aspects, Tezos price seems to be ready for a 12% correction towards the triangle’s lower trendline around $3.73. Things get particularly interesting around this level. A prolonged selling pressure leading to a 12-hour candlestick close below this point could trigger a steep 40% correction to $2.18. XTZ/USDT 12-hour chart While the above seems exceptionally bearish, investors need to note that a bounce around the $3.73 level could result in an upswing in Tezos price towards the symmetrical triangle’s upper trendline at $4.47. If buyers band together, leading to a decisive 12-hour candlestick close above technical formation’s upper trendline, then a 40% bull rally to $6.32 can be contemplated. 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. View All Post By FX Street Crypto News share Read Next AUD/JPY Price Analysis: Remains trapped between two key averages, awaits a range breakout FX Street 1 year Tezos price has been consolidating in a symmetrical triangle pattern for almost a month. XTZ could drop 12% due to Tom DeMark Sequential indicator's sell signal. Completion of this technical formation forecasts a 40% breakout. Tezos price could see a small pullback after hitting a ceiling in a symmetrical triangle pattern. Coercing this correction is another indicator's sell signal, which makes the drop compelling. Tezos price hits a roadblock Tezos price has been forming lower highs ever since it hit a local top of $5.64 on February 14 due to aggressive sellers. However, buyers responded with an equal force, creating… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.