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Cryptoknowmics 2022-05-28 08:12:35

XTZ Technical Analysis: Trendline Retest Teases Bullish Reversal

XTZ price action shows a high momentum retest rally threatening to undermine the post-retest reversal. Will the buyers manage to push back the retest? Key technical points: XTZ market value inclined by 1.40% in the last 24 hours. Price action struggles to avoid follow-through of the evening star pattern. The 24-hour trading volume of Tezos is $83.63 Million, indicating a fall of 42.68%. Past Performance of XTZ The market value of XTZ fell 60% in six weeks starting from April to mid-May, resulting in the fallout of a crucial level of $2. However, the bullish support at $1.60 led to the double bottom pattern formation leading to the resistance trendline breakout. Nonetheless, the overhead resistance at $2 knocks down the bullish attempt to retest the broken trendline. Source-tradingview XTZ Technical Analysis The evening star forming near the $2 mark led to a 13% fall in XTZ prices to retest the broken trendline. The increase in trading volume displays a solid selling spree near $2, majorly due to the profit booking pressure. However, the lower price rejection in last day’s candle and the recovery in the first half today, during the Asian market hours, hints at a post-retest reversal. The MACD and the RSI indicators suggest the possibility of a bullish reversal from the $1.80 mark. This is because of the bullish divergence and the uptrend above the 14-day SMA in the RSI and the uptrend in the MACD and signal lines. However, the ...

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