- XTZ price has broken out of a daily trend line on the 12-Hr Chart
- Tezos price has printed a bullish cup and handle pattern
- A break below $2.85 will invalidate the bullish thesis
XTZ price experienced a 25% rally this week, reaching a high of $3.57. There are multiple reasons to believe in more upside potential.
Tezos price displays bullish evidence in dangerous territory
XTZ price has recently broken a significant daily trend line and now consolidates above it at $3.55. The 25% rally this week also has the chart building a bullish cup and handle pattern. The cup and handle pattern has a value of 27% percent from swing low to swing high, which can be used to project future targets. If the bulls maintain support, then XTZ price will likely reach the $4.50 and $4.60 zone.
It is also worth noting that XTZ price is retracing from a previous impulse to the downside. A Fibonacci retracement placed over the bearish impulse has a .5 level at $3.58 and a .618 level at $3.82. The bulls are likely to see significant resistance in these areas. If the bulls can establish a closing candle above the $3.58 level, a 10% increase will likely occur into the .618 Fib level at $3.82. If the bulls can establish similar results at the .618 Fib level, then a 27% rally should occur.
XTZ/USDT12-Hour Chart
Invalidation of the bullish thesis will be 15% below the current Tezos price at $2.84. If this were to occur, then XTZ price would likely continue falling towards $2.56 and $2.50, resulting in a 30% dip from the current price.
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