Tezos’ price looked poised for a break out of its 3 day consolidation on the charts. This breakout should be bullish given the previous trend. In fact, a 10% to 20% increase seemed more than likely in this other season for Tezos.
Ranked 18th in CMC’s charts by market cap, Tezos noted a huge 32% rise last week and a 5.4% rise in the past 24 hours. At first glance, one can expect more surges to follow soon.
Tezos chart in 4 hours
Source: XTZUSD on TradingView
The 4 hour chart shows consolidation to a symmetrical triangle, at time of printing. However, the earlier trend seemed to suggest that this consolidation was a short term break in its uptrend. In the future, we can expect a similar push for XTZ. Theoretically, the bullish pennant target is equal to the length of the previous trend, which for XTZ will be around 47%.
That would put XTZ at $ 4.5, its previous ATH. Therefore, XTZ seemed extremely optimistic from a theoretical point of view. However, a pragmatic look suggests that this push will come in stages and phases, with multiple intermediate targets. The bullish divergence that formed between price and OBV added more credibility to the already bullish scenario.
Additionally, the RSI indicator fell recently after the overbought zone was reset. This reset gives the price enough wiggle room for buyers to get it out of the consolidation pattern within the next 24-48 hours. Retesting the upper trendline after a breach would count as a successful breakout.
Conclusion
There appeared to be three targets – The first target at $ 3.80, which would mean a 23% increase from the center of the triangle. Following that, there were two more goals at $ 4.11 and $ 4.50. Retesting ATH would mean a 47% increase from the breakpoint.
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