- Tezos price broke through its ascending triangle consolidation, hinting at a bullish move.
- Investors can expect XTZ to rebound 21% to $2.16 as the bulls take over.
- A daily candlestick close below $1.67 will invalidate the bullish thesis.
Tezos price has been consolidating for quite some time and is showing clear signs that it is ready to rise. Investors can jump on this bandwagon for a quick gain as the bulls line up and take control.
Tezos price ready to make gains
Tezos price has been consolidating since June 18 and produced four higher lows and three equal highs of $1.67. Connecting these swing points using trend lines shows an ascending triangle formation.
This technical formation calls for a 29% rise to $2.16, determined by adding the distance between the first swing high and the swing low at the breakout point at $1.66. On July 18, XTZ price broke above the horizontal resistance level at $1.67 and triggered a bullish breakout, but quickly pulled back.
However, on July 28, Tezos price triggered another bullish breakout and produced a sharp move above the ascending triangle. Investors can expect XTZ price to retest the support level of $1.67 or continue higher from its current level at $1.77.
The target for this move from a theoretical standpoint is $2.16, but market participants should view book profits at the psychological level of $2.
XTZ/USDT 1-Day Chart
While things are looking up for the price of Tezos and its holders, things could get even worse if the $1.67 support level breaks down.
This development would reduce the possibility of an uptrend and could trigger a move in the opposite direction. Moreover, such a move by the bears would invalidate the bullish thesis and potentially send the altcoin down to the $1.60 and $1.50 levels, respectively.