Lorenzo Stroe
Independent Analyst
- Tezos price is bounded inside an hourly ascending parallel channel.
- Bulls must absolutely defend thecritical support level at $1.97 to avoid a massive dip.
Tezos has been trading above a crucial support level at $1.97 for the past 10 hours and so far bulls have defended it. The digital asset seems poised for a significant rebound unless the bears take over.
Tezos price could jump towards $2.3 in the near future
Tezos has established an hourly ascending parallel channel and has defended the lower trendline support at $1.97 for the past 10 hours. Bulls need to push XTZ above the 50-SMA and the 100-SMA which coincide at $2.03.
XTZ/USD 1-hour chart
A breakout above both moving averages can quickly push Tezos price towards the middle trendline at $2.15 and eventually towards the high of $2.3. An aggressive bullish trader would enter his position now, expecting the rebound.
XTZ/USD 1-hour chart
However, the trend is in favor of the bears despite the defense of the support level. Tezos price is just above the support at $1.97. A breakdown below this point can drive XTZ down to a low of $1.72, a 13% move that can be calculated using the height of the pattern as a reference point.
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