Tezos Price Analysis: Steady Improvement
Tezos is bucking the overall trend.
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- Tezos has a bullish short-term and medium-term trading outlook
- The four-hour time frame shows that a bullish inverted head and shoulders pattern has been triggered
- The daily time frame shows that a larger bullish reversal pattern has taken shape
Tezos is trading around the $1.30 level, with the XTZ/USD pair looking to be among the select few cryptocurrencies to end November in the green.
The XTZ/USD pair has gained over 50 percent since the start of November and is currently trading around 300 percent higher from its 2019 opening price.
Technical analysis shows that the XTZ/USD pair is still technically bullish over the short and medium-term and could soon test back towards its three-month range high.
The four-hour time frame shows that an inverted head and shoulders pattern has recently been triggered, with the $1.47 level the overall upside objective of the bullish pattern target.
A rally towards the $1.47 level would mark a 15 percent increase in the XTZ/USD pair from current level. Bulls would ideally need to hold price above $1.47 in order to push the coin into a much higher trading range.
The daily time frame shows that a huge reversal pattern has formed, with buyers needing to rally the cryptocurrency towards the $2.00 level to trigger the pattern into action.
The Relative Strength Index on the daily time frame shows that Tezos is not yet overbought, despite the large double-digit advance seen recently.
According to the latest sentiment data from TheTIE.io, both short-term and long-term sentiment towards Tezos is bullish at 68 and 67 percent respectively.
Upside Potential
The four-hour time frame shows that key technical resistance is located at the $1.43 and $1.47 levels.
Key technical resistance over the medium-term is located at the $1.69 and $2.00 levels.
Downside Potential
The four-hour time frame is showing that the XTZ/USD pair has strong medium-term technical support around the $1.17 and $1.00 levels.
Critical long-term technical support for the XTZ/USD pair is located at the $0.76 level.
Summary
Tezos continues to rise, as the ever-popular cryptocurrency bucks the bearish trend currently underway in the broader market.
A sustained rally above the $1.47 level would be extremely bullish for the XTZ/USD pair and could spark a further advance towards the $2.00 level.
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