Lorenzo Stroe
Independent Analyst
- Tezos price is contained inside a descending triangle pattern formed on the 1-hour chart.
- A clear breakout has the potential to drive XTZ towards $2.5.
Tezos dropped by 28% in the past three days since the entire cryptocurrency market crashed and it’s now trying to recover after a small bounce from its low at $2.07. A clear breakout above a crucial descending triangle pattern could drive Tezos price to $2.5.
Bulls are eying up $2.5 in the short-term for Tezos price
On the hourly chart, Tezos price is bounded inside a descending triangle pattern. The current price is just below the upper trendline. A breakout above this point can quickly drive XTZ towards $2.5 using the height of the pattern as a reference point.
XTZ/USD 1-hour chart
On the other hand, a breakdown from the lower trendline at $2.16 would be a notable bearish sign and can push Tezos price towards a low of $1.92 as the maximum target for the sellers.
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