Lorenzo Stroe
Independent Analyst
- Tezos price is bounded inside a descending wedge on the daily chart.
- Several indicators have turned bearish for XTZ showing it’s poised for a pullback.
Tezos has been trading inside a descending wedge on the daily chart since June 2020. Unlike other cryptocurrencies, Tezos hit its 2020-high of $4.49 on August 13 and has been consolidating since then.
Tezos price faces strong selling pressure in the short-term
XTZ price is not close to a breakout or breakdown of the descending wedge formed on the daily chart. However, the bulls have lost the 100-SMA and 50-SMA support levels as Tezos price is trading in the middle of the pattern.
XTZ/USD daily chart
The bears seem to have the upper hand after Tezos lost both moving averages. The potential price target would be the lower trendline of the descending wedge at around $1.7 in the mid-term.
XTZ/USD 12-hour chart
However, on the 12-hour chart, the TD Sequential indicator seems to be on the verge of presenting a buy signal – in the form of a red nine candlestick – within the next 10 hours. If bulls can recover the 50-SMA and the 100-SMA as support levels on the daily chart, they could quickly push Tezos price towards the upper trendline of the descending wedge at $2.6.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC declines as resistance emerges near all-time high
Bitcoin and Ethereum are approaching their key support levels, and a sustained close below these marks could lead to further declines.
TON set to launch synthetic Bitcoin to boost its DeFi solutions
TON revealed its plan on Thursday to launch a synthetic Bitcoin token on its blockchain, allowing users to trade, stake, and earn yield using BTC. Following the announcement, TON is down over 3%.
Maker Price Forecast: MKR could stage 40% rally
MakerDAO is up 2% on Thursday and could be set for a 40% rise in the coming weeks if it successfully maintains an extended move above the descending trendline of a falling wedge. On-chain data also supports the bullish outlook after a four-month-long decline.
USDT market cap crosses $120 billion as stablecoins continue their uptrend
The stablecoin market cap continued its uptrend in October, characterized by USDT reaching a $120 billion market cap, according to a CCData report on Thursday. This indicates that investors are preparing liquidity to fuel more demand.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.