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Tezos (XTZ) Flips Significant Obstacle, Targeting 40% Upswing

Briefly

  • Tezos witnessed its price rallying exponentially, overpowering the critical resistance at $5.18.
  • The MRI’s sell gesture appears to take effect, resulting in 15% retracement.
  • A buying pressure revival might propel the token by 40% towards $7.24.

Tezos price depicts no slowdown with the rally that started on 22 July. After the coin managed to flip a massive obstacle into its support, XTZ aims for an extended upside rally. The token’s upsurges come as the altcoin market posted healthy gains over the past few weeks.

Tezos Awaits Further Gains

Tezos witnessed its value surging by almost 40% from 26 August to 29 August, attaining a local high of around $6.14. While riding the bullish waves, XTZ flipped the resistance barrier at $5.18 into its support. Moreover, the MRI (Momentum Reversal Indicator) depicted a sell sign.

With this technical outlook, the asset might see a 1-4 candle correction. Though the selling took some time, it resulted in a 15% drop, taking the crypto to the support at $5.18.

For now, altcoins, including Tezos, have higher probabilities of resuming their upsurges in the incoming sessions. Such developments will have XTZ climbing by 25%, tagging the initial supply barrier at $6.49. With a decisive close over this mark, the asset will head towards $7.24. That will translate to a 40% surge from $5.18.

Though an uptick beyond $7.24 might happen, it seems unlikely as market participants may take their profits, resulting in a slight retracement. Meanwhile, if Tezos fails to maintain over $5.18, it will indicate sellers booking their profits.

That way, XTZ might experience retracements towards $4.32. Inadequate buying activities to hold the crypto above this price mark will cancel the bullish narrative. Such developments might witness XTZ heading to $3.90.

If the overall crypto market retains upsurges, XTZ will hit its targeted highs. Meanwhile, if the upcoming sessions see upside catalysts weakening, the tokens will have it rough to sustain uptrends. A broader market rally is necessary for higher prices

What catalysts do you think are necessary to propel cryptos towards higher levels? Feel free to comment below.

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Name Price24H (%)
Bitcoin (BTC)
$18,542.51
-7.18%
Ethereum (ETH)
$1,273.89
-7.19%
Tether (USDT)
$0.99
-0.48%
XRP (XRP)
$0.423410
-10.55%
Litecoin (LTC)
$51.29
-6.68%

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