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Tezos(XTZ) Price to Hit $1.60. Will the Bulls Gain Back Control?

Tezos(XTZ) Price to Hit $1.60. Will the Bulls Gain Back Control?

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Post Tezos(XTZ) Price Reaches $1.60. Will the Bulls regain control? appeared first on Coinpedia Fintech News

Tezo prices have been volatile over the past few months with bearish dominance and a 8.87% decline in the last week. Currently trading at $1.45, Tezos fell significantly in mid-June and reached the $1.19 support level before recovering. As the price fluctuated more, a roughly bullish trend line at $1.40 was formed.

The ongoing price revisions have caused a descending triangle to form this month. Since the bears are trying to drive prices down, the triangle is considered bearish. The bulls are reluctant to liquidate their positions, which is reflected in the change rather than the apparent stagnation of prices.

Prices are seen rising to the top of the triangle. XTZ stays in the descending triangle until the trigger. A breakout is expected to occur at $1.40 and prices are expected to rise if they fall below this level. However, a serious bearish market may be expected if the price breaks below the $1.19 support level. The RSI still has a long way to go before entering oversold territory as it remains high.

Tezos (XTZ) price action has been trading down dramatically since Monday, with lower highs and higher highs. As a result, a breakout is expected, allowing a move towards $1.60 and thus sending a bullish signal.

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