- XTZ/USD is currently in a falling wedge pattern
- The pair is approaching a breakout towards the $4.00 area
- Tezos bulls have revived the uptrend after it bounced off $3.20
Tezos News Today – the XTZ/USD trading pair could build on the current wedge pattern breakout it went through in the last 24-hours. If this happens the digital asset will be in line for highs above the $4.00 and $4.50 areas. The Tezos bulls have managed to defend the key support area at $3.20. This came into light after the digital currency continued breakdown from 2020’s yearly high recently at the $4.50 area.
The just-concluded downtrend was initially unstoppable. At the time, the price of Tezos kept breaking support after support. However, the current buyer congestion at the $3.20 area over the past weekend brought a breath of fresh air into the market as the bullish camp took control. The XTZ/USD pair commenced a reversal and the coin is now set towards the much-coveted $4.00 area
Tezos Price is Trading Above A Falling Wedge Pattern At Press Time
When this content was published, the price of Tezos was trading above a falling wedge pattern. This position was reached after the coin went through a breakout. Currently, Tezos price is changing hands at $3.61. This position came to light amid a push to reclaim some inches off the ground to the all-important $4.00 area.
The price of Tezos is also trading well above the moving averages. At this point, the 50-day SMA ($3.50) and the 100-day SMA ($3.59) are both in line to offer support (if the digital asset undergoes a reversal on the hourly chart). The price of Tezos will continue forward from here to breach new highs and break the current yearly high it holds.
Buyers Remain in Control for XTZ/USD
Critically looking at XTZ/USD from a technical point of view, we will see that buyers are currently in control after retaining their market dominance. This position is reflected by the RSI (Relative Strength Index) after it initiated a sharp spike towards the overbought position (at level 70). Besides, the MACD (Moving Average Convergence Divergence) pattern for XTZ/USD has crossed above the mean line (at 0.00) which confirms that the bull’s influence has increased over the price of the coin. Tezos is set for more action above the $4.00 area.
This price action will mainly expand the breakout ahead of the falling wedge pattern. For Tezos, trading above the $4.00 area will clear the way for more gains beyond the coin’s yearly high of $4.50.
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.
