June 15, 2024

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

2 min read
Tezos (XTZ) Breaks Out Of A Falling Wedge As Price Could Hit  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

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