XTZ Technical Analysis: Tezos Exit Falling Wedge, Preps To Exceed $1.65
Table of contents
Key technical points:
Past Performance of XTZ
As mentioned in our previous analysis, the XTZ price surpasses the resistance trendline for the falling wedge pattern with a rounding bottom pattern. The bull run over the past week accounts for a price jump of 21%. Additionally, the rounding bottom pattern shows a neckline at the $1.65 mark, which the market value may shortly surpass.
Source- Tradingview
XTZ Technical Analysis
The XTZ price action shows the breakout rally struggling to find the support of increased trading volume. Hence, traders can find the breakout rally struggling to sustain a high momentum uptrend, potentially leading to multiple retests along the way. The MACD indicator shows an uptrend in the fast and slow lines, ready to enter positive territory. Moreover, the bullish trend in the positive histograms reflects an increase in buying pressure.
The RSI indicator shows a remarkable increase in the underlying bullishness as the slope maintains an uptrend with the support of the 14-day average line. Hence, the indicator shows a high likelihood of an uptrend continuing above the $1.65 mark. In a nutshell, the XTZ technical analysis shows a bullish trend gaining momentum with the breakout ready to reach the $2 mark.
Upcoming Trend
If the XTZ prices sustain above the $1.65 mark, the buying pressure will drive the breakout rally higher to the $2 psychological mark. On the contrary, if the prices succumb under the $1.65 level, a downfall will retest the broken resistance trendline at $1.50.
Resistance Levels: $2 and $2.45
Support Levels:$1.50 and $1.25