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Tezos (XTZ) Price Holds Steady Above $0.60 as Sideways Range Forms

Published
Nikola Lazic
Published
By Nikola Lazic
Edited by Ryan James

Key Takeaways

  • The symmetrical triangle may signal XTZ’s final bearish structure.
  • A breakout above $0.70 could confirm a new bull phase.
  • A sustained rally might lead XTZ to $1 in early 2025.

Tezos (XTZ) has been in a consolidation phase following a substantial downtrend, showing potential signs of a new bull phase.

With key support levels tested, XTZ’s next moves will determine whether a breakout is on the horizon.

XTZ Price Analysis

The price of XTZ was in a bull phase from last October until March 12, 2024, when it reached a yearly high of $1.60.

As the five-wave uptrend concluded, the price reversed and was in a downtrend until Aug. 5, when it came down to $0.60. 

This is the lower level of the horizontal support zone dating from the beginning of 2023, but the lowest price fell as it quickly spiked to $0.54 at its daily chart wick.

Since then, it formed a symmetrical triangle, which could imply consolidation. 

XTZ price analysis
XTZUSD symmetrical triangle formed | Credit: Nikola Lazic/TradingView 

Considering that the price previously depreciated by nearly 70%, reaching the oversold zone, the symmetrical triangle could be the final bearish structure before XTZ starts a new bull phase. 

XTZ Price Prediction

Looking closer at the hourly chart and analyzing the wave structure in the symmetrical triangle, we can see that a five-wave pattern was developed.

This could be an ABCDE correction as the ending wave of the higher degree WXY or a complex WXYXZ correction count. 

Either way, since XTZ tested its ascending support level on Oct. 26 and made a slight bounce, more upside could be seen.

There are still no major signs of a coming rally, but the price usually reverts to the trend after these consolidation patterns, especially after a long-lasting trend.

XTZ price prediction
XTZUSD uptrend expected | Credit: Nikola Lazic/TradingView  

The strongest confirmation will be the breakout direction and establishment of a higher support plateau.

This is why XTZ must go above $0.70 and stay on the subsequent decline to ensure the coming bull phase. 

If this plays out and the price starts developing a five-wave pattern before a three-wave retracement to a higher low, we can anticipate a sustained rally leading to $1 at first and continuing later in 2025. 

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.
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