Sheldon McIntyre, CMT
Independent Analyst
- 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
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.
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