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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 continues in a range-bound downtrend movement as the price aims to breakout. 
  • The price of XTZ continues to trade below the 50 and 200 Exponential Moving Averages (EMA) on the daily timeframe. 

Despite market uncertainties that have affected the prices of many altcoins in recent weeks, the price of Tezos (XTZ) has remained strong. Tezos (XTZ) has held firm ahead of a breakout from its long downtrend, with the price indicating a possible rally to $2. Bitcoin (BTC) price bounced off its low of $19,100 to $19,600 as it attempted to rally to a high of $20,000; this could mean relief bounces for most altcoins. (Data from Binance)

Tezos (XTZ) Price Analysis On The Weekly Chart.

Despite experiencing some great price movement in recent weeks due to so many partnerships and great projects built on the Tezos network, XTZ has attracted the attention of traders and investors with its unique use case as many look for opportunities to buy.

The bear market has had a fair share of the price of XTZ, as the price of XTZ dropped from a high of $8 to a weekly low of $1.2, where the price was able to form good support to hold sell-offs due to panic.

The price of XTZ, after forming good support, price rallied to a high of $2, and the price was rejected to $1.4 despite showing great strength to break and close above this resistance. The rejection of XTZ from this region has led to the price range to build more buyers other than a break out of this range. 

Weekly resistance for the price of XTZ – $2.

Weekly support for the price of XTZ – $1.2.

Price Analysis Of XTZ On The Daily (1D) Chart
Daily XTZ Price Chart | Source: XTZUSDT On Tradingview.com

On the daily timeframe, the price of XTZ remains below its key resistance level of $2; despite bouncing off its daily low, the price of XTZ faces a test to break above $2.

In an attempt to break out above $2, the price of XTZ has been thrown into a downtrend range movement, forming a descending triangle as the price attempts to break out with good volume.

If the price of XTZ breaks and holds above $1.52, we could see a good volume rally to as high as $2, but if the price of XTZ fails to breakout, the price could be rejected back into its $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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Tezos (XTZ) Nears 3-Week High – Can Bulls Barrel Towards $1.80?

After a sharp decline in the second week of June, the price of Tezos (XTZ) rebounded from its $1.2 low. Tuesday, despite a highly volatile market, the altcoin price reached a new all-time high, rising slowly but steadily.

XTZ was a prominent performer to usher in the week, as prices surged to a three-week high. Following Monday’s session low of $1.50, XTZ climbed to an intraday high of $1.60 yesterday.

As of the time of writing, XTZ was trading at $1.54, an increase of 6.0 percent over the previous week. This increase in price caused the token to collide with a significant resistance level at $1.67, and gains have subsequently retreated.

Suggested Reading | Crypto Community Remains Upbeat On XRP, Despite Bearish Market Conditions

Tezos (XTZ) On Steady Upswing

Moreover, the continuing surge was maintained when the price of XTZ gained a steady footing at $1.32. The upswing pushed the altcoin 27 percent higher as it breached the previous swing resistance at $1.65.

A continuous decline over the past eight months pushed XTZ to a January-March 2020 support level of $1.2, representing a loss of 85 percent. However, on June 19, the altcoin soon rebounded.

The positive turnaround pushed the XTZ price 33 percent higher to $1.62, where it encountered strong resistance. Nonetheless, over the previous four days, the price rejection at the indicated level has increased, indicating that sellers are defending this level.

XTZ Outperform The Major Cryptos

The cryptocurrency market continued to decline on Monday, following a weekend of losses.  According to TradingView.com, the worldwide cryptocurrency market cap is $884 billion, a decline of 2.1% from the previous day.

Bitcoin, the most valuable cryptocurrency by market capitalization, fell for a third day, falling below $20,000 to $19,910 after registering its largest weekly increase since March. Ether, the second-largest cryptocurrency by market capitalization, is currently trading at $1,078 and is down nearly 2% for the day.

XTZ total market cap at $1.39 billion on the daily chart | Source: TradingView.com

Despite an 80 percent drop from its all-time high of $9.18 in October of last year, XTZ has been on an upward trend since last Friday.

On Thursday, Tezos unveiled a developer portal to aid in the creation of decentralized applications on its blockchain.

Suggested Reading | Quant (QNT) Registers Gains In Past Days – A Short-Term Upswing In Place?

Generally, the XTZ price continues to exhibit indications of vitality, with bulls aiming to break out of the bottom and advance to $1.80. If successful, the break would result in the highest trading level for XTZ since last month.

In the meantime, traders await the release of the U.S. Consumer Price Index on Wednesday, which in previous months has shown rising inflation. In May, the CPI climbed 8.6 percent, the biggest yearly rate in four decades.

Featured image from Klever News, chart from TradingView.com