The post Tezos(XTZ) Price to Hit $1.60. Will the Bulls Gain Back Control? appeared first on Coinpedia Fintech News
Tezos prices have been erratic over the previous few months, with bears predominating and a decline of 8.87% over the last week. Currently trading at $1.45 Tezos had a significant drop in the midst of June, reaching the support level of $1.19, before recovering. As the price fluctuated more, a roughly upward trend line at $1.40 was established.
The ongoing price adjustments have caused a falling triangle to emerge this month. Given that the bears are attempting to drive prices lower, the triangle is considered to be bearish. Bulls are reluctant to liquidate their positions, as seen by the price’s apparent stagnation rather than change.
The prices are observed rising to a triangle’s peak. The XTZ will stay in the bearish triangle till a trigger. A breakout is expected to occur at $1.40 and the prices are anticipated to surge if they decline below this level. However, a severely bearish market might be expected if the price drops below the key support level of $1.19. The RSI has a long way to go before entering oversold territory because it is still high.
The Tezos (XTZ) price action trade has drastically diminished since Monday and there have been lower lows and higher highs. As a result, a breakout is anticipated, enabling a surge towards $1.60 and therefore sending a bullish signal.