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The technical analysis displays a bullish reversal trend with a surge in demand among traders as XTZ is eyeing to again cross above $1. Over the last month, Tezos (XTZ) has been relatively unstable as the token repeatedly fell below the psychologically important mark of $1. After breaking above $1 last week, the token again lost its momentum and plunged below the mark on Monday. However, the token pulled back at $0.95 to begin another bull cycle, eyeing to break above $1 again. The XTZ registered a 2.13% growth in the past 24 hours with the market cap surging by 2.20% to $887.58 million. Moreover, the jump of 39.82% to 16.22 million in trading volume also reflects the dominance of buyers in the market.
Key Points
- XTZ price action display bullish momentum with increasing buying pressure
- The ascending triangle pattern on the daily chart shows an uptrend in the market
- The intraday trading volume in XTZ is $16.22 million
Source Tradingview
XTZ Technical Analysis
The XTZ price action maintains a bullish reversal trend as prices are again attempting to cross above the $1 mark. Currently trading at $0.98, the token is showing gradual recovery with buyers again active. The prices are facing strong opposition from the 200-day EMA which is moving along the support line. The ascending triangle formed by the resistance and support line is also indicative of a continuation of the upward trend in the market. If bullish momentum continues, XTZ will certainly break above $1, but if momentum reverses, falling below $0.095 can’t be undermined.
Technical Indicators
As buyers are seen to be taking the control of the market, RSI moves above the mark of 60 making a bullish divergence teasing the 14-day SMA. MACD and signal line moves above the halfway line on the bullish histogram indicating an upswing in the token prices. The technical indicators highlight the bullish sentiment in the market with rising demand for XTZ as prices are showing a recovery rally.