Tezos Price Prediction: XTZ Still Has Some Room to Advance

Summary:

The Tezos price prediction shows that the XTZ/USDT pair has room to advance as it pursues completion of the double bottom's measured move.

The Tezos price prediction appears to have tilted to the bullish end of the equation after it shot up 3.02% on Friday. This uptick puts the token on course for a third straight day of gains, benefitting from some positive news that just hit the newswires.

The XTZ/USDT pair is responding positively to news that the blockchain platform has invested 100,000 Euros in an Estonian art startup, Kanvas.ai. This investment enables the art company to offer non-fungible tokens (NFTs) on the Tezos blockchain. This partnership will make Kanvas.ai the first company in the Baltics to have an NFT imprint on the blockchain. Kanvas.ai hopes to invest the funds to boost its technical capacity and spread its reach into other European countries.

From the technical analysis standpoint, Thursday’s break of the 1.555 resistance has completed the double bottom pattern and has cleared the way for the XTZ/USDT pair to chase an additional advance that targets the 1.805 price mark. Here is the Tezos price prediction heading into the weekend.

Tezos Price Prediction

The double bottom pattern has been confirmed via the break of the 1.555 resistance line, serving as the pattern’s neckline and the prior low of 21 August 2022. This scenario makes the 1.805 resistance barrier (19 July high and 14 August low) the target of the measured move’s completion. A further advance beyond this point leads to the 8/14 August 2022 highs at 1.954, leaving 2.110 a further target point if the bulls successfully uncap the 1.954 resistance barrier.

The bears will find some joy if the price action breaks down the double bottom support at 1.417. This opens the door toward the 1.272 price mark (13 January 2020 and 13 June 2022 lows). Below this level, additional support comes in at 1.114 (24 September 2019 high and 14 November 2019 low), with 0.976 formed an additional southbound target, having been the 13 March 2020 low site.