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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) Price Movement Indicates Looming Price Drop

Tezos seems to be heading south. As of this writing, XTZ trades at $1.61 following a 3.10% boost in price seen overnight.

XTZ’s relative strength index and volume have declined and isn’t showing any signs of bullish movement.

As of press time, XTZ movement ceases to be dubbed as an impulse wave. This means that Tezos is now moving towards a back slide.

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Tezos Hints At Bearish Movement

The bearish streak has been obvious in Tezos price last week with early signs that the coin’s price will have the tendency to break through the ascending trendline.

Tezos breaches the support line on July 26. Currently, the price reveals an intra-hour upturn following increased trading activity. XTZ volume is still relative low plus the RSI isn’t giving away any bullish hints.

Meanwhile, the bearish thesis will only be dismissed once XTZ price breaches the above $1.61. So, if the bulls’ impetus forcibly pushes the Tezos price over this zone, then that’s the only time the price can shoot to a high of $1.65; which is roughly a 7% jump from its current price.

To date, XTZ is trading around $1.60 following a 3.10% pump in price seen overnight. Even though XTZ price has soared today, Tezos has still declined by 10.75% in the past few days.  

Current CoinMarketCap data reveals that XTZ remains to be the 37th largest cryptocurrency in terms of market capitalization or just ahead of HBAR that happens to be in the 38th place and behind SAND, currently in the 36th place.

More so, the 24-hour trading volume outlook for XTZ still shows a drop of 30.94% or $42,498,623.

XTZ total market cap at $1.47 billion on the daily chart | Source: TradingView.com
XTZ Price Bound For A Major Retreat

XTZ Price is bound for a shrill drop targeting $1.19. A sharp correction is on the horizon. Tezos has been very consistent with showing its bearish junction since the last trading week of this month.

XTZ has failed to hold it at the $1.62 due to very low buying pressure. So, if the coin price closes below $1.50, it will target $1.55 next.

XTZ price is seen to frame itself into a Flag and Pole pattern which is inherently bearish. The coins is seen to be fortifying close towards the $.70 resistance level.

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Moreover, the XTZ price drifts under the 50-day EMA or Exponential Moving Average at $1.67. Additionally, the drop in volume as the price pumps up serves as a warning for the bulls. It has been tested time and again that the formation of Flag and Pole pattern usually hints a sharp drop.

On the hourly charts, XTZ price has found a support close to $1.56. It formed the Bat pattern which is bullish and points to a short-term inversion apparent on the higher side. With that being said, the anticipated upside target will be at $1.65 and then $1.70 next.

On the flip side, a slight shift in the bearish movement would mean the target will be at $1.55.

Featured image from Unsplash, chart from TradingView.com