Last month, Tezos (XTZ) The price was moving in a consolidating rally. These sideways movements revealed a symmetrical pattern on the daily time frame chart. XTZ price is poised to break out of this pattern with a bullish breakout suggesting a new rally.
Important technical points:
- XTZ bulls are trying to retrace the 200-EMA.
- Tezos’ intraday trading volume is $199.7 million, up 243.5 percent.
Tezos It managed to break out of the $4.5 level recently and was preparing to enter a new rally. However, the price failed to stay above the 200-EMA ($5.1) which caused another minor pullback.
An approaching support trendline is preventing the price from falling to the $3.8 bottom support and instead presenting an excellent trading opportunity for crypto traders in the form of a symmetrical triangle pattern.
At press time, XTZ price is trading at $5 with an intraday gain of 4.27%. This bullish daily candle is trying to break the 200-EMA line and provides a great advantage for long traders.
The daily Relative Strength Index (62) climbs above the neutral zone (0.00), indicating a bullish sentiment for Tezos coin.
Support Trendline Feels Bullish For XTZ Traders
For now, XTZIt is trying to break out of the resistance trendline of the pattern and the 200-day EMA at the same time. However, to confirm a true breakout, crypto traders should wait for a daily candle to close above these resistance levels.
However, if the price fails to sustain this breakout, long traders can continue the bullish sentiment until the price gets enough support from the ascending trendline.
Traditional pivot levels show resistance at $5.1 with the nearest resistance at $5.65 followed by $5.6 for Tezos. Coming to the opposite end, the support levels are $4.66 and $4.1.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.