Tezos (XTZ) price proves to be bullish in the short-term and medium-term trading bias as we are reading today in the Tezos news.
The four-hour time frame shows that there is a huge inverted head and shoulders pattern forming and the daily time frame also shows an even larger bullish pattern. Tezos made a lot of strides over the week and the cryptocurrency started rallying to the highest trading level in the middle of August when it gained well-over 30 percent since the start of November.
The rally sharply pulled back from the $1.25 level although the Tezos (XTZ) price started to stabilize around the 50-day moving average for the first time in more than three months. Some positive signs started to emerge earlier this week after the cryptocurrency started a bullish price action and performed a series of daily prices that closed 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 previously mentioned inverted head and shoulders pattern with a $0.5 upside projection.
If the bulls start the bullish pattern, the pair could eventually rally towards the $1.50 and add another 30 percent to the trading value. The daily time frame highlights that there is an even bigger inverted head and shoulders pattern with a neckline of the pattern located around $1.95. The short-term analysis shows that dip-buying is now preferred. Buying technical pullbacks towards the $1.00 support level is also favorable in long positions.te
According to the latest sentiment data, the short-term sentiment for Tezos is bullish at 88.00% while the overall long-term sentiment towards the crypto is also bullish. The four-hour time frame shows that a large inverted head and shoulders pattern was formed and a $1.15 level was acting as the neckline of the bullish pattern. The key technical resistance for the XTZ/USD pair is currently located at $1.25.
The four-hour time frame shows that the XTZ/USD pair 200-day moving average is currently providing strong support in the short-term around the $0.90 level. Tezos shows that there is a huge potential over the short and medium-term but the bulls have to stabilize the cryptocurrency above $1.15 and secure further gains.
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