- Tezos price has breached its ascending triangle consolidation, hinting at a bullish move.
- Investors can expect XTZ to rally 21% to $2.16 as 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 shows clear signs that it is ready to move higher. Investors can hop on this train for a quick gain as bulls align and take control.
Tezos price ready to make gains
Tezos price has been consolidating since June 18 and has produced four higher lows and three equal highs at $1.67. Connecting these swing points using trend lines shows an ascending triangle formation.
This technical formation forecasts a 29% upswing to $2.16, determined by adding the distance between the first swing high and swing low to the breakout point at $1.66. On July 18, XTZ price moved above the horizontal resistance level at $1.67 and triggered a bullish breakout, but retraced quickly.
However, on July 28, Tezos price triggered another bullish breakout and produced a clean move above the ascending triangle. Investors can expect XTZ price to either retest the $1.67 support level or continue moving higher from its current level at $1.77.
The target for this move from a theoretical standpoint is $2.16 but market participants should consider book profits at the $2 psychological level.
XTZ/USDT 1-day chart
While things are looking up for Tezos price and its holders, things could still take a turn for the worse if the $1.67 support level breaks down.
This development would decrease the possibility of an uptrend and could trigger a move in the opposite direction. Moreover, such a move from bears would invalidate the bullish thesis and potentially knock the altcoin down to the $1.60 and $1.50 levels, respectively.