Long
Tezos Could Increase By More Than 30%!
The XTZ price is currently trading inside a strong support area found at 25,000 satoshis. This is the previous breakout level, the movement above which in the beginning of February eventually led to the all-time high price of 40,530 satoshis on Feb. 21.
The price has created a descending wedge, out of which it is in the process of breaking out. I think the price will break out for several reasons:
Target 1: 28,500 satoshis
Target 2: 33,500 satoshis
Stop loss: 24,000 satoshis
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The price has created a descending wedge, out of which it is in the process of breaking out. I think the price will break out for several reasons:
- Creation of a bullish reversal pattern inside a significant support area
- Bullish divergence in the RSI
- Possible RSI movement above 50
Target 1: 28,500 satoshis
Target 2: 33,500 satoshis
Stop loss: 24,000 satoshis
Please leave a Like and comment if you enjoyed the analysis.
Note
First target reached after five days. Expecting a retracement followed by an upward move towards the second target.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.