The Tezos price triangle breakout could end up in more losses and will likely test the $2.50 support for the XTZ altcoin. The XTZ/USD pair stalls ahead of the symmetrical triangle breakout and eyes the $3.00 level as we are reading in the latest Tezos price news.
The Tezos bulls are determined to hold on to the recovery trend since the end of Black Thursday when XTZ crashed in March. They also had to deal with the increase in selling pressure after the zone at $3.00 became hard to breakthrough. The bears have continued forcing XTZ against the critical levels at $2.80 and $2.50 as per the latest analysis that we have here on DC Forecasts.
The first support of $2.8 already gave in to the selling pressure while the second support at $0.25 is still in place and aided by the 50-day SMA.
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The gap between the 50-day SMA and the long-term 100 days SMA is getting wider as a show of the strength by the buyers. In the meantime, the XTZ/USD pair is trading at $2.69 while being in a sideways trend, along with multiple technical indicators such as the RSI and the MACD. The first major indicator seems to be pushing for a sideways movement at 55. There was also an attempt at the start of this month to adjust to the overbought territory but the RSI lost steam and marked the end of the price action.
Also, the MACD is holding above the mean line which signals that even though the trend is not quite bullish, the buyers are in control. The Tezos price triangle breakout could bring more losses for XTZ but the altcoin is also trading in the apex of a symmetrical triangle pattern. The price action continues to delay the possible breakout that could catapult XTZ to higher highs above $3.00. If another breakout continues to delay, the sellers will gain traction and the price could drop to test the levels at $2.50. It is essential to check the indicators and to follow the breakout points in these major market movements.
As previously reported, Bitcoin Suisse started offering Tezos staking for institutional investors and holders in custody audited by PwC.
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