Tezos (XTZ) Price Leads Crypto Rebound as $1 Target Looks Inevitable

KEY TAKEAWAYS

The Tezos (XTZ) price has increased by 100% since the start of June.
XTZ trades inside a horizontal range between $0.60 and $1.40.
When will XTZ break out from this range, and which way will it go?

Tezos (XTZ) has been one of the strongest cryptos during the ongoing rally, doubling in value since June.

After reclaiming the $0.60 support level, the XTZ price is now in a standoff inside a well-defined range.

All eyes are on the price action to see if XTZ can smash through its resistance.

XTZ Price Analysis

The weekly time frame of the Tezos chart shows that the price has doubled since June.

During its rally, XTZ reclaimed the $0.60 horizontal area and confirmed it as support.

The reclaim was a welcome development, since the previous decline below it had nearly led to a new all-time low.

The exact opposite has happened, and the XTZ price confirmed the deviation and reclaim of the area.

Currently, the XTZ price trades inside a horizontal range between $0.60 and $1.40.

A breakout above the range high could significantly accelerate the increase since there is virtually no resistance above it until $4.

Momentum indicators legitimize the rally.

The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) created bearish divergences before the reclaim.

The indicators are now in bullish territory, suggesting the XTZ price has started its bullish trend reversal.

What’s Next for XTZ?

The short-term chart is also bullish, showing that the price of XTZ is poised for a massive breakout.

XTZ finished its fourth wave pullback on Aug. 3, confirming it with a breakout from a descending wedge.

Today, the Tezos price has started the fifth and final wave of its upward movement, confirmed with a breakout from the descending resistance trend line (dashed).

Once XTZ breaks out, the 1.61 external Fibonacci retracement gives a target of $1.54.

So, while the XTZ price will likely hit the brakes once it reaches the range high, an eventual breakout is likely.

Breakout Incoming

With momentum on its side and bullish readings aligning, Tezos looks primed for a decisive move.

While short-term resistance near $1.40 may stall the climb, an eventual breakout could send XTZ soaring toward $4.