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Cryptoknowmics 2022-07-11 19:47:16

XTZ Technical Analysis: Breakout Rally Ready To Reach $2

XTZ price rises sharply after exiting the falling wedge leading to a bullish breakout of a rounding bottom with a neckline at $1.65 Key technical points: XTZ prices have decreased by 8.39% in the last 24 hours. The price action shows the rounding bottom breakout rally ready to reach the $2 mark. The 24-hour trading volume of Tezos is $114 Million, indicating a rise of 171%. Past Performance of XTZ As mentioned in our previous article, the XTZ price action shows a bullish breakout rally of the falling wedge pattern exceeding $1.65. The 25% jump over the last ten days completes the rounding bottom pattern and prepares to surpass the 50-day SMA. Furthermore, the increase in the intraday trading volume supports the bullish breakout and forecasts a prolonged uptrend. Source- Tradingview XTZ Technical Analysis The XTZ price James by 8% today with a notable lower price rejection in the daily candle, increasing the likelihood of exceeding the 50-day SMA. Hence traders can shortly find a bullish breakout opportunity with the potential to reach the psychological mark of $2. The MACD indicator shows a bullish trend in the fast and slow lines ready to cross over the zero line with a bullish trend in the positive histograms. Hence the technical indicator showcases a rise in the buying pressure which increases the likelihood of a bullish trend continuation. The RSI indicator shows a gradual rise in the underlying bullishness after taking a ...

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