Published June 11, 2022
The Tezos(XTZ) price’s ongoing recovery rally shapes an inverted flag pattern. Furthermore, the technical setup foretells the coin price should eventually breach the bottom support trendline and continue the long-term downtrend. Therefore, the expected target for short-sellers could be the nearest target at $1.48.
The XTZ/USDT technical chart reflects an overall downtrend that started in November 2021. The altcoin dropped to the $2.7 mark and consolidated above it for the first four-month of 2022. However, amid the recent May bloodbath, the coin holder lost this support as well and extended the downtrend by 45.8%
Furthermore, the XTZ price reached a low of $1.488 on May 12th, but it reverted immediately, responding to the high demand pressure. The coin chart shows a steady recovery since the past month, gaining 38% as its current value is at $2.06.
In addition, this bullish pullback reflects the formation of an inverted flag pattern in the daily time frame chart. This continuation pattern is expected to bolster the prevailing trend after a breakdown from the ascending support trendline.
If sellers succeed, the XTZ price will tumble 26.6% lower to the $1.48 mark.
The Daily-RSI slope failure to sustain above the bullish territory indicates weakness in the bullish commitment. If the indicator remains below the midline, the possibility of pattern fallout increases.
The altcoin’s recent reversal from the 50-day EMA indicates the traders are responding to the EMA resistance. Moreover, the coin price currently moving below the other crucial EMAs(20, 50, 100, and 200) indicates the path to lease resistance is downward.
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