XTZ Technical Analysis: Uptrend Ready To Surpass $4
Tezos is an open-source platform that is said to be "secure, upgradable and built to last" -and claims that its smart contract language is able to provide the accuracy needed for high-value applications.
Let us move ahead to read about XTZ technical analysis.
Past Performance of XTZ
The XTZ coin price shows dramatic growth of more than 30% in the past week with the series of bullish candles reaching the $3.75 mark. The growth brings a V-shaped recovery for the token as the chart shows a downfall of 35% in the previous week. That is how the price action completes a rounding bottom pattern in the daily chart.
XTZ Technical Analysis
The XTZ coin price action hints at the bullish breakout of the rounding bottom pattern in the daily chart. However, the neckline near $4 remains a supply-rich area that will prove difficult to overcome.
The crucial Exponential Moving averages maintain a bearish alignment as the 100-day EMA crosses below the 200-day EMA. Moreover, the 50-day EMA waits slightly above the $4 mark that can halt the post-breakout bull run.
The MACD indicator shows a rise in the fast line as it gives a bullish crossover with the signal line below the zero mark. Moreover, the rising trend of bullish histograms indicates a growing uptrend.
The RSI indicator shows a growth in the underlying bullishness as the slope spikes above the 14-day average and the 50% line. However, the slope goes sideways under saturation above the central line.
Therefore, the technical indicators reflect a jump in underlying bullishness and tease a bullish breakout of the rounding bottom. Hence, XTZ can shortly reach the $4.5 mark
Upcoming Trend
The XTZ technical analysis shows the coin price might soon give a bullish breakout of the rounding bottom pattern with the breakout of $4. However, the supply-rich area can be hard to overcome, therefore, traders must wait for the price action confirmation.
The breakout can find resistance near the 50-day EMA and the $4.5 mark above the $4 mark. However, the failure to rise can lead to a reversal to $3.5 and $3.
At press time, the Sentiment Chart gives a "NEUTRAL" signal for the XTZ token.