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?
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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.
Source- 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.
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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.
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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
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