XTZ Technical Analysis: Will Uptrend Sustain Within The Rising Channel?
Table of contents
Key Technical Points:
Past Performance of XTZ
As mentioned in our previous analysis, the XTZ prices take a bullish turnaround after the retest of the broken resistance trendline. The post-retest reversal accounts for a 22% price jump and forms a rising channel pattern. However, a bearish turnaround from the resistance trendline at $1.75 decreases the support trendline.
Source - Tradingview
XTZ Technical Analysis
On July 27th, the XTZ price showcased reversal signs at the support trendline, with a 3.5% intraday gain backed by a significant pump in volume. Today, the coin price rose 0.58%, and the long-tail attached to the daily candle shows sustainability above the trendline.
The daily-RSI slope nosedived below the neutral line suggests a negative sentiment is clouding the market participants.
The MACD indicator reflects a sell signal with the bearish crossover between the fast and slow lines. Moreover, a possible midline breakdown would offer sellers an extra edge.
In a nutshell, the technical indicators showcase a bearish bias which warns of a downtrend continuation with the support trendline fallout.
Upcoming Trend
The replenished bullish momentum from the support trendline should trigger a new bull cycle within the pattern. The potential run-up could surge nearly 20% before hitting the overhead resistance trendline.
On a contrary note, if sellers pressurize the altcoin to breach the dynamics support, the prices may witness a significant correction, possible to the June 18th low of $1.2
Resistance Levels: $1.66 and $1.8
Support Levels: $1.5 and $1.43