Published 6 hours ago
The Tezos coin is one of the few top cryptocurrencies that started the new week on a bullish note. While fighting the uncertain market sentiment, the coin price shows a gradual rise in XTZ price. Furthermore, the price has recently breached $1.65, indicating the buyers are ready for another leg up.
Key points:
- The 20-day offers constant support to XTZ price.
- The daily candle closing below the $1.65 support may invalid bullish theory
- The intraday trading volume in the Tezos coin is $118.4 Million, indicating a 190% hike.
Source- Tradingview
Following a drastic downfall in June’s second week, the XTZ/USDT pair bounced back from the $1.2 low. Amid a highly volatile market, altcoin showed a slow yet steady rally forming a new higher in the price chart.
Furthermore, the ongoing rally initiated when the XTZ price found a stable footing at this flipped support of $1.326. The upswing drove the altcoin by 27.23% higher as it breached the last swing resistance of $1.65,
Today, the XTZ price is up 4.5% and shows a decisive breakout from the $1.65 resistance. Moreover, a considerable rise in volume indicates the strong interest of traders in this bullish breakout.
If XTZ price managed a candle closing above this $1.65 mark, the buyers would obtain a foothold to climb higher in the price chart. As a result, the potential rally could surge 32-42% high, hitting the $2.24 to $2.4 mark.
On a contrary note, if XTZ buyers fail to sustain above the breached resistance, the altcoin may drop to the June low of $1.2.
Technical indicator
EMAs: the technical chart shows the crucial EMAs(20, 50, 100, and 200) have acted as dynamic resistance for XTZ price since the downtrend indicated in November 2021. Furthermore, the buyers have recently breached the 20-day EMA, which has now flipped to viable support.
MACD indicator: the fast and slow line rising with a suitable gap between them indicate sustained buying. Moreover, these lines are on the verge of slicing through the equilibrium, providing an additional confirmation for buyers.
- Resistance level- $1.88 and $2.2
- Support levels- $1.65 and $1.32
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
