Tezos is one of the well-performing cryptocurrencies in the daily timeframe despite the bearish outlook of the crypto market. After a break in the uptrend, the cryptocurrency has resumed its journey upwards. At the time of writing, XTZ coin stands at a price level of $3.30. The price has increased by 6% in the past twenty-four hours while the growth of 9% had been observed in the past seven days. The daily trading volume of the cryptocurrency has surged upwards by nearly 70%.

Technical analysis

The market outlook for Tezos is bullish as it is trending upwards. Twelve out of the total twenty-six technical indicators are giving out an indication of buy. Ten technical indicators out of the rest are standing at a neutral position while only four are bearish. Both the Oscillators and Moving Averages are bullish.

Tezos had been operating in a descending channel formation since the end of May. The cryptocurrency had been trending downwards towards the lower boundary testing it as support. However, the recent bullish momentum in the market has resulted in a breakout from the channel. In the daily timeframe, the recent candle is green and has reached outside the channel. Although the break out has yet to be confirmed by upcoming price actions as the upper boundary of the formation is a strong resistance level. If the breakout is confirmed, Filecoin can reach towards $3.56 followed by $4.14.

Can Tezos achieve the price target of $4?

Tezos’ blockchain is similar to Ethereum’s as it also focuses on smart contracts. However, XTZ offers a much better infrastructure which is why it possess the good potential to reach high. In the short term, the price target of $4 seems achievable for the cryptocurrency as it is supported by other predictions as well. According to Wallet Investor, XTZ coin will be operating at $4.43 in a year’s time. Digital Coin Price also predicts the price to be trading above $4 in a year’s time. The long-term predictions are also bullish for the cryptocurrency.