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Tezos price could double if it breaks key resistance
Tezos appears poised to enter a new bull trend towards new all-time highs. The central theses Tezos has risen almost 80% in the last three days. The sudden bounce could allow it to break $6.50. After overcoming resistance, the price of XTZ could double. Market participants are showing fear after last week's crypto flash crash. Still, some assets like Tezos are showing that the bull market may not be over yet as they prepare for new all-time highs. Tezos could be entering a new uptrend Tezos could be ready to rally. The blockchain has...
Tezos price could double if it breaks key resistance
Tezos appears poised to enter a new bull trend towards new all-time highs.
The central theses
- Tezos ist in den letzten drei Tagen um fast 80 % gestiegen.
- Der plötzliche Aufschwung könnte es ihm ermöglichen, 6,50 USD zu durchbrechen.
- Nachdem der Widerstand überwunden wurde, könnte sich der Preis von XTZ verdoppeln.
Market participants are showing fear after last week's crypto flash crash. Still, some assets like Tezos are showing that the bull market may not be over yet as they prepare for new all-time highs.
Tezos could enter a new uptrend
Tezos could be ready to rally.
The blockchain has recovered significantly after the crypto market flash crash on September 7th. The price has recovered almost 80%, rising from a low of $3.90 to a high of $6.90.
It appears that the recent bullish impulse has allowed XTZ to cut through the middle trendline of a parallel channel in which its price has been contained since 2019.
Since then, every time Tezos has risen to the upper or middle boundary of the channel, a rejection has occurred, pushing prices to the lower edge. From this point on it tends to bounce back, which is consistent with the characteristics of a channel.
The consolidation pattern on the three-day chart suggests that as long as the channel's middle trendline holds at $5.40, XTZ could advance towards the upper boundary at $12. However, the loss of this crucial level as support could lead to a steep correction to the lower edge of the channel at $3.
From a lower time frame like the daily chart, Tezos' outlook becomes clearer. The Tom DeMark (TD) Sequential Indicator shows that the resistance setup trendline at $6.60 is acting as a stiff resistance, preventing XTZ from advancing further.
Therefore, it is likely that only a decisive daily candlestick close above this resistance level will mark the start of 83% towards $12.
It is worth noting that in the event of a sell-off, there is a key support cluster that could prevent Tezos from breaking through the lower boundary of the channel.
The price range between $4 and $3 is reinforced by the 200-, 100-, and 50-day moving averages as well as the trendline of the TD's support setup and the 23.6% Fibonacci retracement level. This important demand wall could keep falling prices at bay and serve as a recovery zone.