Tezos Price outlook: Charts point to a surge after a bullish pattern formation
Tezos (XTZ/USD) has been lagging behind in terms of gains in the past month, even with Bitcoin hitting new highs Tezos has been continuously falling, however, after forming a base it is looking like Tezos is forming a cup pattern and is ready for the next leg up.
Tezos had formed a Cup pattern in April and June earlier this year and it looks like it will form a smaller cup now, it is now currently at the base of the cup and this could be the perfect time for investors to enter.
Tezos is also a very strong coin fundamentally thus investors could hold Tezos for a longer time as well to yield higher returns.
Investors can enter above the trendline at $6, however, investors must note that Tezos is forming a cup pattern thus investors must be patient as it may take some time before it starts moving upwards and completes the pattern.
A strong supply zone can be seen at the previous cup patterns high, at $8, thus investors have to be cautious of the zone and can set that as the first target, and for investors willing to hold Tezos for a longer time a target of a new all-time high can also be set.
Investors can keep a stop loss at $5.4.
Tezos is looking like a great pick for patient investors and could yield some great results in the coming weeks and months. Investors can enter around the $6 mark and set the first target at $8, followed by a new all-time high.