Tezos is currently trading at $0.23 right above a critical support level. The digital asset is bounded inside a symmetrical triangle pattern that awaits a clear breakout or breakdown within the next 24 hours.
Tezos price (XTZ) needs to hold this crucial support level to avoid a major pullback.
XTZ has established a symmetrical triangle pattern on the four-hour chart with the lower boundary located at $0.23. A breakdown below this point would quickly drive Tezos price towards a price target of $1.9.
XTZ/USD 4-hour chart
On the other hand, bulls have defended another significant support level in the form of the 200-SMA (Simple Moving Average) on the four-hour chart.
If Tezos price can rebound from this point, it can quickly jump towards the upper trendline of the pattern.
XTZ/USD four-hour chart
A breakout from the triangle would drive Tezos price towards a price target of $2.63 which almost coincides with the 0.236 Fibonacci (Fib) retracement level at $2.69.
The 0.5 Fib level at $2.51 is another potential price target.
تم التحرير 09 Dec 2020, 11:45
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