XTZ Technical Analysis: Bulls Resurface With The Rounding Bottom Retest
Key technical points:
Past Performance of XTZ
XTZ coin price trades at $4.09 with a price jump of 6.73% in the last 24 hours, resulting in a successful retest of the $3.85 mark, as we mentioned in our previous article. Moreover, the price breaks above the crucial psychological mark of $4.
Source-Tradingview
XTZ Technical Analysis
The XTZ coin price reverses with a potential morning star pattern from the $3.85 mark and retests the rounding bottom breakout. Moreover, the lower price rejection near the $3.85 reflects the underlying jump in bullishness.
The Tezos coin price breaks above the crucial 50-day EMA and continues to approach the 200-day average. However, the bearish alignment of the EMAs project the possibility of a reversal.
The MACD Indicator shows a sudden rise in the last line as it approaches the slow line. Thus, it avoids the bearish crossover and continues the growth of bullish histograms. Hence, the slope shows a bullish divergence in the double bottom pattern.
The Stochastic RSI indicator predicts the close of the bearish cycle since the lines K and D provide a bullish crossover below the 30% line. Thus, the possible growth in the lines could signal a surge in the buying price.
In conclusion, the technical indicators project the bullish growth that aims to reach the $5 mark.
Upcoming Trend
The XTZ coin price shows the morning star pattern information with the jump in the bullish attention. Hence, traders can find buying opportunities at the current prices with the target at $
Support Levels:$3.85 and $3
Resistance Levels: $4.75 and $5.65