Lorenzo Stroe
Independent Analyst
- Tezos price is currently bounded inside a symmetrical triangle on the 4-hour chart.
- The pattern is on the verge of a breakout or breakdown.
Tezos is currently trading at $0.23 right above a critical support level. The digital asset is bounded inside a symmetrical triangle pattern that awaits a clear breakout or breakdown within the next 24 hours.
Tezos price needs to hold this crucial support level to avoid a major pullback
XTZ has established a symmetrical triangle pattern on the 4-hour chart with the lower boundary located at $0.23. A breakdown below this point would quickly drive Tezos price towards a price target of $1.9.
XTZ/USD 4-hour chart
On the other hand, bulls have defended another significant support level in the form of the 200-SMA on the 4-hour chart. If Tezos price can rebound from this point, it can quickly jump towards the upper trendline of the pattern.
XTZ/USD 4-hour chart
A breakout from the triangle would drive Tezos price towards a price target of $2.63 which almost coincides with the 0.236 Fib retracement level at $2.69. The 0.5 Fib level at $2.51 is another potential price target.
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.