Tezos Price Prediction: Is XTZ About to Break the Ascendant Channel?

  • The price of Tezos is rising in a parallel upward channel, with the 100-day SMA opposing a potential breakout to the upside.
  • Investors generally believe that XTZ has the strength to exceed $ 2.00 in the short term.
  • Several support levels are in line to prevent Tezos from turning back to retest the $ 1.35 buyer congestion.

The cryptocurrency market has experienced a significant pull back from the bullish activity seen in the past week. Tezos price is consolidating within the confines of a parallel upward channel pending a breakout. Traders are likely to claim big gains if they time the impending breakout at $ 2.00 and thereafter at $ 2.20.

Tezos price is approaching a bullish breakout

After the June main support formed at $ 1.35, the price of Tezos recorded four highs and lows on the rise. The linking of these prices paints a bullish picture in a parallel upward channel.

Tezos price looks set to head north at $ 2.00 and $ 2.20 respectively, but the 100-day simple moving average (SMA) on the daily chart is currently in the middle. Its upside potential will remain intact if the channel crossing line holds.

XTZ / USD daily chart

An analysis of the Moving Average Convergence Divergence (MACD) over the same time frame shows that buyers have the upper hand. It is worth mentioning that the momentum behind the Tezos price is set to increase as the MACD rises above the midline.

Weighted Total Sentiment, an on-chain measure from Santiment, adds credit to Tezos’ bullish price predictions. Theoretically, large dips below the midline indicate high social volume associated with general negative sentiment. Curiously, this metric is inversely related to price. In other words, dips like the one seen in the chart below suggest an upcoming bullish move.

xtz price

Thoughtful feeling of Tezos

Although the price of Tezos generally looks bullish, investors should consider booking profits at $ 2. On the other hand, the rejection of the 100-day SMA indicates that XTZ can explore descending levels up to the 50-day SMA. If the dips become too hard to stop due to mundane trading in the broader cryptocurrency market, Tezos’ price could retest the $ 1.35 test.

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