The rally has pulled back sharply from a high of $1.25, although the XTZ / USD pair is starting to stabilize around its 50-day moving average for the first time in nearly three months.
Positive signs had started to emerge earlier this week after the cryptocurrency exhibited price-action and performed a series of daily price closes back above its 200-day moving average.
The four-hour time frame shows that the XTZ / USD pair is starting to trade around the neckline of the inverted pattern, with a $0.35 upside projection.
If bulls can start to ignite the , the XTZ / USD could eventually rally towards the $1.50 level and add a further thirty percent to its trading value.
Interestingly, the daily time frame highlights an even larger inverted pattern, with the neckline of the pattern located around the $1.95 .
Short-term analysis shows that dip-buying is now favored. Buying technical pullbacks towards the $1.00 is favored to initiate long positions. Only a sustained breach under the $0.90 level can negate the overall outlook towards Tezos.
According to the latest sentiment data from TheTIE. , the short-term sentiment towards Tezos is , at 88.00 %, while the overall long-term sentiment towards the cryptocurrency is also , at 75.00%.
XTZ / USD by TradingView
The four-hour time frame shows that a large inverted pattern has formed, with the $1.15 level acting as the neckline of the .
Key technical resistance for the XTZ / USD pair above the is currently located at the $1.25 and the $1.55 levels.
The four-hour time frame is showing that the XTZ / USD pair’s 200-period moving average on the four-hour time frame is currently providing the strongest form of short-term technical support, around the $0.90 level.
The daily time frame shows that the $1.00 level offers strong technical support and remains a key area that sellers may attack to prompt a stronger decline.
Tezos shows tremendous upside potential over both the short and medium-term. Bulls now need to stabilize the cryptocurrency above the $1.15 level to secure further gains.
The XTZ / USD pair could add a further thirty percent to its value if it reaches its overall upside objective.