Lorenzo Stroe
Independent Analyst
- 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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