Tezos Price Prediction: XTZ flips significant hurdle, eyes 40% advance

Tezos price rallied exponentially like most altcoins, clearing a crucial resistance level at $5.18.
The MRI’s sell signal seems to be taking effect, leading to a 15% retracement.
A resurgence of buying pressure could propel XTZ by 40% to $7.24.

Tezos price showed no exhaustion as it rallied from July 22. After flipping a major hurdle into a support barrier, XTZ eyes to continue this uptrend.

Tezos price anticipates further gains

Tezos price rallied roughly 42% from August 26 to August 29, setting up a local top at $6.14. During this uptrend, XTZ flipped the $5.18 resistance barrier into a support floor, while the Momentum Reversal Indicator (MRI) flashed a sell signal in the form of a red ‘one’ candlestick.

This technical formation forecasts a one-to-four candlestick correction. Although the selling did not occur immediately, it led to a 15% downswing, which is currently hovering above the $5.18 support level.

Investors can expect the altcoins, including Tezos, to kick-start their uptrend soon. In which case, XTZ could climb 25% to tag the first supply barrier at $6.49. A decisive close above this level will open the path to $7.24, which constitutes a 40% upswing from $5.18.

XTZ/USDT 1-day chart

While a further upswing above $7.24 is possible, it is unlikely as investors might book profit leading to a minor retracement. On the other hand, if XTZ price fails to hold above $5.18, it will suggest that the sellers or market participants are not done booking profits yet.

Such a development could lead to a retracement to $4.32. If the buyers fail to keep Tezos price above this level, it will invalidate the bullish thesis. In some cases, XTZ might head to $3.90.

Share: Cryptos feed

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram