XTZ Technical Analysis: Triangle Breakout Rally Eyes $2.50

Key technical points:

Past Performance of XTZ

XTZ prices showcase the bullish reversal from the $1.66 support level with a double bottom reversal as the buying pressure grows. The bullish reversal forms multiple higher low formations, generating a support trendline and forming an ascending triangle. Moreover, the 6% bullish surge brings the bullish breakout of the ascending triangle pattern and challenges the 50-day EMA.

Source- Tradingview

XTZ Technical Analysis

XTZ prices approach the 50-day EMA and show a higher price rejection candle reflecting demand for the retest of the $2.12 breakout. Hence, traders can shortly expect a reversal which will bring a lucrative entry point. The crucial Simple Moving Averages - 50, 100, and 200-days marked red, orange, and black, respectively. Moreover, the breakout rally faces opposition from the 50-day EMA increasing the likelihood of a negative retracement.

The MACD and signal lines display the uptrend crossing over the zero line as the buying spree continues, as evidenced by the increasing volume of positive histograms. Furthermore, the RSI shows a steady increase in overall bullishness as it crosses the halfway line. Therefore, the indicators demonstrate incredible growth in bullishness, showing an increase of bullish influence over the XTZ technical analysis.

Upcoming Trend

If XTZ buyers successfully surpass the $12 mark resulting in the breakout of ascending triangle pattern. However, the retest brings an opportunity to enter at a lower price with the possibility of a price jump to $2.50.

Resistance Levels: $2.25 and $2.50

Support Levels: $2.15 and $2