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XTZ is on track to $5 despite stiff resistance ahead

  • Tezos price seems to be contained inside an ascending parallel channel on the 12-hour chart.
  • XTZ has been trading inside an uptrend since December 23, 2020, and aims for higher highs.

It looks like Tezos is trading under a significant resistance trendline which stops the digital asset from rising towards $5. Additionally, XTZ faces a strong short-term selling pressure according to a crucial indicator.

XTZ price might need to see a pullback before a run to $5

On the 30-minutes chart, the TD Sequential indicator presents a sell signal having continuation. On the 1-hour and 6-hour charts, a green eight candle can be seen and this is usually followed by a sell signal. 

XTZ sell signals

Validation of all sell signals could quickly push Tezos price down to $2.6, which is a support level on the 12-hour chart. In this chart, Tezos has established an ascending parallel channel since December 23, 2020.

xtz price

XTZ/USD 12-hour chart

However, Tezos price is closer to a breakout currently as it trades at $3.10 and the resistance is located at $3.3. Cracking this barrier would drive Tezos price towards $4.4 in the long-term before a potential run to $5.

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