- Tezos price action sees bullish reaction in ASIA PAC session.
- XTZ price breaks triple top and monthly Resistance level to the upside.
- A daily close above would see a 15% rally for this week.
Tezos (XTZ) price action sees bulls using a double entry point from Monday and Tuesday to squeeze bears out of their short positions with an entry around the double top at $1.96. With this bullish print and breakout, a daily close above that same $1.96 level is key to seeing a rally with at least a 15% return. That could be seen towards the end of the week if global markets keep equities trading higher, adding to the tailwinds in cryptocurrencies.
XTZ price set to reach June levels
Tezos price action has seen a violent breakout this morning during the ASIA PAC session as bulls broke the barrier that bears had thrown up at $1.96 at the monthly R1 resistance level. That level saw a rejection three times which blocked bulls from making new highs for the month. Bulls awaited the right moment to add to their positions by buying alongside the green ascending trend line on Monday and Tuesday, which then spiralled in a breakout move above that $1.96 level.
XTZ price could hold another 15% gains that could already materialise this week, but that will depend on the bulls' conviction. The best proof of their dedication would come from a daily close above $1.96, above the monthly R1 and triple top. This way, investors and traders that missed the pop can enter tomorrow morning and trigger the next leg higher.
XTZ/USD Daily chart
The risk could come easily with a daily close below the monthly R1 and that triple top. Traders will perceive this as that the move has happened, profit has been taken, and the only move that will follow now is a full fade towards the green ascending trend line. In case bears can go in short again on that, expect to see a break and drop back towards $1.66 around the monthly pivot and the 55-day Simple Moving Average.
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