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Sohrab Khawas
Sohrab Khawas
Author
Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Oct 10, 2023 08:54 UTC
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XTZ Price Analysis: Tezos Eyes $1 With $0.70 Break!
XTZ price action displays a bullish comeback as it rises above the $0.70 mark.
Tezos price breaks above the 50-day EMA and the falling channel pattern.
A bullish closing above the $0.70 mark can shoot XTZ price higher to $1.
Maintaining a downtrend motion for most of 2023, the XTZ price action forms a falling channel pattern in the daily chart. Following the early 2023 gains of around 102%, the downtrend crashed the Tezos market value and crushed the dream of a golden crossover.
Despite the ongoing long-coming bear trend, the recent reversal improves the upcoming Tezos price prediction and signals a buying opportunity.
As the altcoins take a bearish hit, Tezos gives a bullish breakout of the long coming resistance trendline to exit the falling channel. Moreover, the uptrend overcomes the declining 50-day EMA with dominance.
Despite the sharp comeback, the XTZ price is yet to end the lower high formations. However, the comeback rises above the crucial $0.70 mark. This signals a range breakout that was between $0.70 and $0.628.
Currently, the Tezos market value is at $0.719 with an intraday gain of 10.49%, leading to a huge bullish engulfing candle. The bullish comeback in the XTZ price overcomes a multitude of bearish pitfalls and signals a strong uptrend possibility.
Technical Indicators:
RSI indicator: The daily RSI line skyrockets to surpass the halfway line and puts a bullish exclamation mark. This reflects a sharp increase in the underlying bullish sentiments.
EMA: The 50-day EMA breakout will increase the chances of the Tezos market value reaching the 200-day EMA.
Will XTZ Price Reach $6.30?
Despite the long coming downfall, the recent consolidation breakout led to various breakout signals. This reflects a sudden increase in positive sentiments around the Tezos. Moreover, it hints at the XTZ price ready to skyrocket in the Uptober rally.
While the bullish candle is yet to give a positive closing, the high spirits of Tezos HODLers anticipate a bull run. With the breakout candle igniting a bullish sprint, the XTZ prices can reclaim the $1 mark shortly.
On the flip side, failure to close above the 50-day EMA, or the broken trendline, or the $0.70 mark can hamper the upside rally. In such a case, the prices may coil back under the falling channel.
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