Tezos [XTZ] Price Analysis: Looks To Breakout Of This Triangle Pattern

The price of Tezos [XTZ] has been trading places between a range of two extreme price swings. The swing high of May 24 which was attained at 13:30 hours UTC has the price tag of $2.83 and is now acting as a temporary upper price limit. 

This is gradually forming a declining resistance trendline. Also, the swing low of May 25, attained at 05:30 hours UTC with a recorded price of $2.62 is now acting at the lower limit which forms a rising support trendline.

Prices changes within the last 48 hours have been contained within a triangle pattern as they reach for the breakout point. However, uncertainty looms over future prices as they may lean towards the side which overcomes the barrier in the short term.

Tezos [XTZ] is currently changing hands at $2.73 after a 1.2% 24 hours price plunge. The coin maintains a market capitalization of $1.34 billion and about $80.03 million has been exchanged within the last day.

Tezos [XTZ] Technical Analysis

The buyers lost control of the market on May 26 at 05:30 hours UTC when the market began a retracement towards $2.72. At the time, the price was struggling to overcome the 50.0% Fibonacci retracement level but failed to break the resistance. As the bears took over, XTZ found initial support at 0.382 fib level ($2.72).

XTZ/USD pair eventually made way to lower lows at 23% fib level, a move which saw prices plunge to $2.64. In the tug-of-war price struggle, the market revived a little bit but the bull couldn’t push further than $2.70. Since then, alternate bull and bear markets have taken turns to take over the market sentiments.

XTZ chart

While prices face uncertainty in a potential breakout, there appears to be an even distribution of momentum between market buyers and sellers. If the buyers manage to push the price up at breakout, then the next level of resistance lies at the 0.5 fib level. Beyond this, major resistance lies at $2.81.

If price plunge during a potential breakout, then the bears may succeed in dragging prices beyond the $2.63 mark. More negative push downwards may see prices plunging as low as $2.60 ( 0% fib extension).

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Dare Shonubi

Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development.

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