Tezos Price Prediction: XTZ gears up for a move towards $5 if this level cracks

Tezos price is contained inside an ascending parallel channel on the 12-hour chart.
XTZ bulls have just defended a crucial support level and aim for higher highs.
Tezos has established a robust and steady uptrend and can continue to rise higher.

Tezos has been inside a significant uptrend since December 23, 2020, reaching a high of $3.39 on January 23, 2021. After a 22% correction in the past week, the digital asset seems ready for another leg up.

Tezos price must break this level to aim for $5

On the 12-hour chart, Tezos has established an ascending parallel channel and bulls just defended the lower trendline located at $2.7, which also coincides with the 50-SMA support level.

XTZ/USD 12-hour chart

Tezos price exploded by 17% towards $3.08 and aims to hit the upper trendline of the pattern at $3.55. A breakout above this point gives us a price target of 36% at $5. This is calculated using the height of the parallel channel.

XTZ/USD 12-hour chart

However, it seems that Tezos price got slightly rejected from the middle trendline of the parallel channel. Losing the critical support level at $2.7 would result in XTZ collapsing down to $1.73.

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