Tezos Breaks Above Multi-Year Resistance, Rally Setup

Tezos broke above a significant price barrier, which was previously keeping its price contained. Moving above this resistance could set the stage for a major bull run.

Tezos Reaches a New All-Time High

Over the last 24 hours, Tezos surged by nearly 24%. The bullish impulse allowed it to finally turn the $1.80 resistance level into support. This significant price hurdle was preventing XTZ from reaching higher-highs since September 2018, when the token was launched. Now, it seems like Tezos could be preparing for a parabolic move.

As a matter of fact, an inverse head-and-shoulders pattern appears to have developed on XTZ’s 3-day chart. This technical formation estimates a momentum reversal from bearish to bullish. The recent move above the $1.80 resistance level, also known as the neckline, could be the catalyst for a substantial price increase.

This bullish pattern projects a 60% surge that could take the price of Tezos to $2.90. This target is determined by…