Dynamic Trendline May Carry XTZ Price to $2.4

An upcoming ascending trendline carries the new relief rally for Tezos(XTZ) price. Furthermore, this dynamic support assisted buyers in pushing the coin price above the $2 psychological level and jump-start a genuine recovery rally. However, can buyers sustain the supply pressure above the $2 mark?

Key points:

  • The XTZ price provides a massive breakout from the $2 resistance level
  • The XTZ chart presents a potential bullish crossover between the 20-and-100-day EMA
  • The intraday trading volume in the Tezos coin is $199.7 Million, indicating a 243.5% hike.

XTZ/USDT ChartSource- Tradingview

During the first half of May, the intense sell-off plunged the Tezos(XTZ) price to a low of $1.4. However, the buyers mounted stiff support at $1.6 and defended it for another week. 

Thus, the XTZ price witnessed a sideways rally, bounded within the $2 and $1.6 levels. However, with the ongoing relief rally in the crypto market and rising support trend, altcoin spiked 30% in the last six days.

The recovery rally breached the overhead resistance of the $2 psychological level, triggering a minor recovery rally for XTZ buyers. The sustained buying may surge the coin price to the next significant supply zone of $2.4.

However, the XTZ price stuck in the retest phase presented a larger volume activity in concern with price action. Moreover, an evening start at $2 support teases a fallout. 

If sellers succeed, the TRX price will sink back to $1.6 support

Technical indicator.

A slight yet evident bearish divergence on the daily Relative Strength Index (62) suggests a possible fallout from the $2 mark.

However, the recently reclaimed 100-day EMA and rising 20-day EMA indicate the buyers possess multiple support levels to resume the bullish rally. 

  • Resistance level- $2.4 and $2.6
  • Support levels- $1.8 and $1.6

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

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.

Source: https://coingape.com/markets/tezos-price-analysis-dynamic-trendline-may-carry-xtz-price-to-2-4/