XTZ Aims For 10% Price Jump If It Defends Key Support Level

XTZ aims for 10% price jump if it defends a key support level as it seems to be contained inside the ascending parallel channel as we can see in today’s Tezos price news.

Over the past week, Tezos had a rough few days as the digital asset lost more than $300 million in market cap as BTC continues gaining dominance on the market. Despite the downtrend, the bulls are defending the support level which can help XTZ greatly. On the hourly charts, the price of XTZ seems to have formed an ascending parallel channel with the lower boundary below the current price. The bulls are trying to defend this critical support level at $2.09 to see a bounce.

The RSI is overextended for the first time since October when XTZ saw a 7% boost in the 24-hours of the indicator touching oversold territory. If the bulls are able to defend the lower boundary of the pattern, Tezos can climb to $2.2 where the 50-SMA and the 100-SMA are located. On the 30-minute chart, the MACD is turning bullish while the RSI recovers from the oversold levels. The price target will be around $2.2 but XTZ could climb to $2.3 as bulls will not find a lot of resistance going up.

XTZ aims for a 10% price jump but it seems that bears took control of the 4-hor after the price of the coin slipping below the 50-SMA, 100-SMA while the MACD turned bearish for the first time since October 1 and is gaining strength. The RSI is not overextended but the last time this indicator presented a fakeout in the oversold territory, the price of TEzos continued dropping and the breakout below this boundary of the ascending parallel channel could even lead XTZ towards $1.9.

The price of Tezos is now fighting to stay above the lower trendline of the ascending parallel channel so if the bulls defend this support level at $2.09, Tezos could jump to $2.2 or even $2.3 in the long-term. On the other hand, a bearish breakout below will be a notable shift in favor of the sellers. Tezos could slip to $1.9 and could go even lower as the digital asset doesn’t have a lot of support on the downwards track.