For the past month, the Tezos coin price has been moving in a consolidating rally. This sideways march revealed a symmetrical pattern in the daily time frame chart. The coin price is preparing to escape this pattern with a bullish breakout, suggesting a new rally.
Key technical points:
- The XTZ bulls are trying to reclaim the 200-EMA
- The intraday trading volume in the Tezos coin is $199.7 Million, indicating a 243.5% hike.
Source- Tradingview
Previously when we covered an article on Tezos, the coin managed to sustain a $4.5 breakout, preparing to initiate a new rally. However, the price couldn’t hold above the 200-EMA($5.1), resulting in another minor pullback.
Anyhow, an upcoming support trendline prevents the price from dropping to $3.8 bottom support and instead reveals an excellent trading opportunity for crypto traders in the form of the symmetrical triangle pattern.
The XTZ price at press time is trading at the $5 mark, with an intraday gain of 4.27%. This daily bullish candle is trying to breach the 200-EMA line, providing an excellent edge for the long traders.
The daily Relative Strength Index (62) hops above the neutral zone(0.00), indicating a bullish sentiment for the Tezos coin.
The Support Trendline Carries The Bullish Sentiment For XTZ Investors.
Source- Tradingview
As for now, the XTZ coin is trying to give a bullish breakout from the resistance trendline of the pattern and 200-day EMA simultaneously. However, to confirm a genuine breakout, the crypto traders should wait for a daily candle to close above these resistance levels.
However, in case the price couldn’t sustain this breakout, the long traders can still maintain a bullish sentiment until the price obtains sufficient support from the rising trendline.
The traditional pivot levels indicate the nearest resistance for Tezos coin price at the $5.1 resistance at $5.65, followed by $0.6. As for the opposite end, the support levels are $4.66 and $4.1.
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Source: https://coingape.com/tezos-price-analysis-symmetrical-triangle-pattern-could-lead-20-growth-in-xtz-coin/