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Vikram
May 5, 2022
by Vikram

XTZ Technical Analysis: Reversal Challenges $3 Barrier

XTZ
XTZ prices show a V-shaped reversal from the Psychological mark of $2.50, challenging the $3 spot. Will buyers surpass the bearish milestone?

Key technical points:

  • XTZ market price has grown 15% in the last 48 hours.

  • The reversal starts with a morning star pattern.

  • The 24-hour trading volume of Tezos is $120 Million, reflecting a rise of 120%. 

    • Past Performance of XTZ

    XTZ prices show a bullish recovery after a downfall of 38% last month to retest the $3 resistance zone. The reversal comes after the second retest of the broken resistance trendline and the increased buying pressure near the psychological support of $2.50. Starting from the $2.50 mark, the morning star pattern accounts for a jump of 15% within the last 48 hours.

    TradingView Chart

    XTZ Technical Analysis 

    XTZ prices challenge the $3 resistance zone with an increase in trading volume, projecting the bullish commitment behind the rally. However, traders must wait for a bullish closing to avoid trapping under the retest. 

    The bullish reversal reaches the midline of the Bollinger bands after a reversal from the support band. Hence, the midline breakout opportunity will signal a buying spot to bullish-intentioned traders.

    The MACD and signal lines give a bullish crossover in the negative territory, project the start of positive histograms and represent a bull cycle. 

    The RSI values skyrocket from the oversold boundary to surpass the 14-day average score and reach the halfway line. Hence, the indicator reflects a surge in the underlying bullishness. 

    In a nutshell, XTZ technical analysis shows a high possibility of a bull run above the $3 mark.

    Upcoming Trend 

    XTZ market price projects a possible bullish rally above the $3 resistance zone as the uptrend gains momentum. Moreover, the reversal pattern at the broken resistance trendline adds additional credits to the uptrend possibility. Therefore, traders can target the next resistance level at $3.50.

    Support Levels: $2.65 and $2.5

    Resistance Levels: $3 and $3.5

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    Tezos XTZ
    XTZ Technical Analysis: Reversal Challenges $3 Barrier
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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