Tezos price shows signs of potential consolidation down to $6.6
|- Tezos price is contained inside an ascending wedge pattern on the 4-hour chart.
- The digital asset could get rejected again from the upper trendline resistance.
- A breakout would lead Tezos to new all-time highs.
Tezos has just formed a new all-time high on April 16 at $7.48 but the digital asset didn’t see any kind of continuation which gives bears the upper hand. Several indicators show XTZ could be on the verge of a correction.
Tezos price faces significant selling pressure
On the 4-hour chart, Tezos is trading inside an ascending wedge pattern and just got rejected from the upper trendline again.
The Parabolic SAR indicator has turned bearish again and shows that Tezos is at a sell level. In the past week, this indicator has been reliable which adds credence to the bearish outlook. The nearest bearish price target is the lower trendline support at $6.6.
XTZ/USD 4-hour chart
However, the current price of Tezos is closer to a breakout than anything else. The key resistance level at $7.55 is not far. A 4-hour candlestick close above it will confirm a breakout that has a 21% upswing target.
XTZ/USD 4-hour chart
This price target is calculated by measuring the distance between the beginning of the upper trendline and the lower one. The 21% move will take Tezos to $9.1 in the long-term and $8 as an initial psychological price target.
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.