XTZ Technical Analysis: Tezos Prices Prepare Bullish Launch To $2.50

XTZ prices display a bullish reversal ready to challenge the overhead resistance trendline to attempt an upside breakout.  Key technical points:

• The XTZ market price has increased by 2.16% over the past 24 hours.
• The price action shows a bullish turnaround from the $1.25 support level.
• The 24-hour trading volume of Tezos is $68.35 Million, indicating a hike of 80%.

Past Performance of XTZ

XTZ price action shows a long-coming downtrend under the influence of a highly bearish resistance trendline resulting in a drop to $1.25. However, the bullish reversal propels the market value higher by 16% with a double bottom breakout to reach the $1.55 mark.

Source- Tradingview

XTZ Technical Analysis 

XTZ price grows by 2.16% today, forming a bullish candlestick but the higher price rejection evident by the wick formation warns of a rebound. Hence, traders hoping to ride the breakout rally must wait for the price trend to surpass the resistance trendline. The DMI indicator shows a sharp decrease in bearish spread teasing a potential bullish crossover. However, the falling ADX line reflects a loss in trend momentum, warning of a lack of interest among traders. The RSI indicator shows a gradual increase in the underlying bullishness as the slope slowly rises above to reach the halfway line. And the lack of bearish divergence goes against the falling trend in the trading volume. After the recent bullish crossover, the MACD indicator shows a positive trend in the fast and slow lines crossing reaching the zero line. Moreover, the positive trend of the resurfacing bullish MACD histograms displays a rise in buying pressure. In a nutshell, the technical indicators support the bullish trend possibility in the XTZ prices, teasing an uptrend above $1.50.

Upcoming Trend

Suppose the XTZ prices surpass the resistance trendline, the uptrend will reach the overhead resistance at $2.50 with a boom in trend momentum. Resistance Levels: $2.00 and $2.50 Support Levels: $1.50 and $1.25

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