Tezos XTZ price is going higher due to general risk-on sentiment, Bitcoin BTC recovery, and technical indicators.
Markets today are back to risk-on mode and are shrugging off the bearishness. Bitcoin price has already almost completely reversed its dip, and other cryptocurrencies are surfing on the price recovery wave in the markets right now.
On 1 hourly chart, Tezos XTZ price formed a triangle pattern nicely that is almost being completed. Both the ascending line of the triangle and the inner-ascending trend line channel is very well-supported with very few retests. In the past few hours, we have only seen higher highs and higher lows, so Tezos XTZ is under buying pressure moving up.
The next stop for Tezos XTZ price is the baseline of the triangle at $2.80. Once that breaks, and XTZ moves higher, there is not much obstruction in going toward the price of $3.20 level. That level was the high of the consolidation range we were in last weekend and looks compelling for a retest.
Entry at the ascending trendline pattern looks compelling for a long. Once Tezos price can break above the triangle base at a price of $2.80, it is not far from a jump toward $3.20.
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