XTZ Technical Analysis: Breakout Rally Ready To Reach $2
Table of contents
Key technical points:
Past Performance of XTZ
As mentioned in our previous article, the XTZ price action shows a bullish breakout rally of the falling wedge pattern exceeding $1.65. The 25% jump over the last ten days completes the rounding bottom pattern and prepares to surpass the 50-day SMA. Furthermore, the increase in the intraday trading volume supports the bullish breakout and forecasts a prolonged uptrend.
Source- Tradingview
XTZ Technical Analysis
The XTZ price James by 8% today with a notable lower price rejection in the daily candle, increasing the likelihood of exceeding the 50-day SMA. Hence traders can shortly find a bullish breakout opportunity with the potential to reach the psychological mark of $2.
The MACD indicator shows a bullish trend in the fast and slow lines ready to cross over the zero line with a bullish trend in the positive histograms. Hence the technical indicator showcases a rise in the buying pressure which increases the likelihood of a bullish trend continuation.
The RSI indicator shows a gradual rise in the underlying bullishness after taking a bullish turnaround from the oversold boundary. Furthermore, the slope surpasses the halfway line with the support of the 14-day average line, ready to reach the overbought territory.
In a nutshell, the XTZ technical analysis shows a bullish bias as the breakout rally gains momentum.
Upcoming Trend
If the buying pressure continues to grow overnight, traders can expect the breakout rally to reach the $2 mark by the coming weekend.
Resistance Levels: $1.85 and $2
Support Levels: $1.50 and $1.25