Tezos (XTZ) is a distinctive blockchain platform that sets itself apart in the cryptocurrency landscape with its unique governance model and self-amending ledger. A comprehensive chart analysis by a crypto enthusiast known as JohncyCrypto on X reveals a strong belief that Tezos is on the brink of a significant price increase.
The analyst used the weekly chart to reveal that Tezos has unveiled a double-rounding bottom pattern, a hallmark of bullish reversals that typically emerge after periods of price consolidation or decline.
This pattern suggests that investors have been accumulating XTZ at lower price points, setting the groundwork for an anticipated upward movement. This accumulation phase is crucial, reflecting investor confidence in the asset’s future value.
Tezos Price Resistance and Increasing Bullish Momentum
Tezos price is currently testing a resistance level around $1.53. This level represents both a psychological and technical barrier that has historically limited price increases. A successful breach of this resistance could signal a shift toward a more sustained bullish trend, potentially unlocking further gains.
As the XTZ price approaches the $1.53 resistance, there is a noticeable uptick in bullish momentum. This momentum may be fueled by positive developments within the Tezos ecosystem or broader market sentiment favoring cryptocurrencies with robust fundamentals like Tezos.
The support zone established by the double bottom is a critical area to monitor. This zone has previously acted as a floor, where buying interest has emerged, preventing further price declines. It serves as an essential level for risk management, where investors might place stop-loss orders to safeguard against a failed breakout.
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Potential XTZ Price Targets
Should Tezos price manage to break above the $1.53 resistance, the analyst outlined some achievable price targets.
The first target is set at $2.00, followed by levels at $2.36, $3.00, and an optimistic high of $3.85. These targets likely take into account historical resistance levels, Fibonacci extensions, and other technical analysis tools, providing a roadmap for potential price movements
The formation of the double-rounding bottom, combined with the approach to the $1.53 resistance level, suggests a high likelihood of a breakout. If Tezos can convincingly surpass this level, upward momentum could drive it toward the outlined targets.
