Tezos (XTZ) Breaks Out Above $4 but Struggles to Sustain Upward Movement
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Tezos (XTZ) is showing bullish signs by breaking out from a lengthy-term descending resistance line. Nonetheless, by reason of neutral technical indicator readings, the bullish trend is not yet hardlyifyed.
XTZ has been decreasing aprotractedside a descending resistance line afterward spreading to an all-time high cost of $9.17 on Oct 14. The descending shift led to a low of $2.53 on Jan 24.
XTZ has been moving skywards afterward and is directly in the process of breaking out from the aforementioned resistance line, that still coincides with the $3.90 horizontal resistance field.
With the condition that the cryptocurrency is successful in moving over it, the next closest resistance would be at $5.85. This is the 0.5 Fib retracement resistance level and coincides with a horizontal resistance range.
Measuring from the current price, it would amount to an increase of 48.55%.
Cryptocurrency enthusiast @one_bald_dude tweeted a chart of XTZ, stating which the cryptocurrency could finally move towards a new all-time high and go to $11.
In order for this changement to transpire, XTZ has to first clear the $3.85 horizontal range.
Indicator readings
In spite of the probability of a XTZ breakout, technical indicator readings in the daily time-frame are completely neutral.
Firstly the MACD is anew negative (green icon), even though it is moving ascendings. Similarly, the RSI is moving ascendings but is further below 50. Both of these are signs which the trend is step-by-steply turning bullish, but has not turned so yet.
what\\\’s more, the price is right in the middle of the Bollinger bands, another sign of a neutral trend.
A look at the weekly chart for XTZ reiteprices the importance of the $3.90 horizontal range, afterward it has intermittently acted as both support and resistance afterward March 2021.
Therefore, its recover would be a high sign which the bullish trend will last.
XTZ / Bitcoin (BTC)
The XTZ/Bitcoin (BTC) chart shows a suchlike changement, with the exception being which the cryptocurrency is likewise following a downward resistance line.
After at first weakening below the 9000 satoshi field, XTZ has restored it and is in the process of credibleating it as support. Cone time beforeding that it is successful in doing so, it would be a excessive sign which a bullish turnaround is transpiring.
For CryptCraze’s latest Bitcoin (Bitcoin (BTC)) analysis, click here
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