Is Tezos Ready for an Overdue Breakout? | Credit: Hameem Sarwar
Share
Key Takeaways
The Tezos (XTZ) price has increased by 100% since the start of June.
XTZ trades inside a horizontal range between $0.60 and $1.40.
When will XTZ break out from this range, and which way will it go?
Tezos (XTZ) has been one of the strongest cryptos during the ongoing rally, doubling in value since June.
After reclaiming the $0.60 support level, the XTZ price is now in a standoff inside a well-defined range.
All eyes are on the price action to see if XTZ can smash through its resistance.
XTZ Price Analysis
The weekly time frame of the Tezos chart shows that the price has doubled since June.
During its rally, XTZ reclaimed the $0.60 horizontal area and confirmed it as support.
The reclaim was a welcome development, since the previous decline below it had nearly led to a new all-time low.
Try Our Recommended Crypto Exchanges
Sponsored
Disclosure
We sometimes use affiliate links in our content, when clicking on those we might receive a commission at no extra cost to you. By using this website you agree to our terms and conditions and privacy policy.
The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) created bearish divergences before the reclaim.
The indicators are now in bullish territory, suggesting the XTZ price has started its bullish trend reversal.
What’s Next for XTZ?
The short-term chart is also bullish, showing that the price of XTZ is poised for a massive breakout.
XTZ finished its fourth wave pullback on Aug. 3, confirming it with a breakout from a descending wedge.
Today, the Tezos price has started the fifth and final wave of its upward movement, confirmed with a breakout from the descending resistance trend line (dashed).
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
