Tezos (XTZ) Breaks Out Of A Falling Wedge As Price Could Hit $2 Mark

  • XTZ’s price shows a spark of strength as price breaks out from a descending triangle as price eyes $2 with good volume. 
  • XTZ remains in a downward trend, although the price is aiming to break out. 
  • XTZ prices trade at below 50 and 200 Exponential Movement Averages (EMA) for the daily timeframe. 

Tezos’ (XTZ), despite market uncertainty that has affected many altcoins recently, is still strong. Tezos has (XTZ), despite a recent downtrend that had been affecting its price, is holding firm. This could indicate a rally of up to $2. Bitcoin’s (BTC) prices bounced back from $19,100-$19,600 lows as it tried to climb to $20,000 highs; this could lead to relief for other altcoins. Data from Binance

Weekly Chart: Tezos (XTZ), Price Analysis

Despite seeing some significant price movements in the past weeks because of so many partnerships, great projects and the Tezos Network network, XTZ attracted investors and traders with its unique usecase as they look for investment opportunities.

The bear market has accounted for a large portion of the price drop in XTZ. It dropped from a peak of $8 to a weekly low at $1.2, and the price formed good support to prevent panic-related sell-offs.

After forming strong support, the price of XTZ rose to a peak of $2. The price was then rejected at $1.4 despite its ability to overcome and close to this resistance. This rejection has resulted in the price range being used to attract more buyers than a fall out of its range. 

Weekly resistance for the price of XTZ – $2.

Weekly support for the price of XTZ – $1.2.

Chart Price Analysis of XTZ on The Daily (1D).

Source: Tradingview.com| Source: XTZUSDT On Tradingview.com

The price of XTZ is still below $2 on a daily basis. However, it has bounced off the daily low but faces a challenge to surpass $2.

In order to reach $2 or more, the price of XTZ is in a downtrend. The triangle formed by the price trying to breakout with volume has become a descending triangle.

If the price for XTZ holds above $1.52 we may see a strong volume rally up to $2. But if it does not breakout the price might be relegated to the $1.2-range.

Daily resistance for the XTZ price – $1.52.

Daily support for the XTZ price – $1.2.

Featured Image from zipmex. Charts From Tradingview 

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