XTZ Technical Analysis: Triangle Breakout Aims To Cross Above $2.5

Key technical points:

Past Performance of XTZ

After the rejection at $4 led to the $2.80 support zone breakout, the XTZ prices were trapped in a correction phase, resulting in a drop to $1.66. Finally, the buyers overtook the trend control with a double bottom reversal at $1.66, resulting in a 26% relief rally that breaks above the long-coming resistance trendline.

Source- Tradingview

XTZ Technical Analysis

XTZ prices show a bullish engulfing candlestick struggling to close above the previous swing high of $2.15. However, the increase in trading volume over the weekend reflects a gradual growth in buying pressure that may reach the $2.5 mark shortly. The DMI indicator indicates a trend reversal crossover in the DI lines, accompanied by an increase in the bullish spread. Still, the declining ADX showcases could soon resume the upward trend. In the same way, both the MACD and signal lines keep trending higher to reach the zero line in a bullish alignment. The resurging confidence in the MACD histograms is a sign of a re-invigoration in the underlying positive sentiments.

The RSI indicator displays an identical uptrend over the 14-day SMA line (yellow) and the halfway line. Thus, the indicators show a gradual increase in buying pressure that may drive the uptrend higher. In a nutshell, XTZ technical analysis forecasts a bullish rally ready to surpass the $2.5 mark.

Upcoming Trend

Considering the buying spree continues and the uptrend manages to fix XTZ prices above the $2.15 mark, the uptrend will reach the psychological mark of $2.5.

Resistance Levels: $2.15 and $2.5

Support Levels: $2 and $1.66