NewsletterTezos Price Analysis: XTZ Rebounds from Yearly Support; is it a good buy?
The June second week crash plummeted the XTZ price to a new 2022 low of $1.2. However, previously this support bolstered the Jan-and-April bull run, validating it as a strong demand zone. Thus, the coin price rebounded from this support last weekend, encouraging buyers to breach the $1.62.
Key points:
- The XTZ price faces high supply pressure at a $1.62 resistance.
- The MACD indicator shows a bullish divergence
- The intraday trading volume in the Tezos coin is $65.4 Million, indicating a 72.9% hike.
Source- Tradingview
A constant downfall for the past eight months plunged the XTZ/USDT pair to Jan-Mar 2020 bottom support of $1.2, registering an 86.7% loss. However, on June 19th, the altcoin rebounded immediately with the tweezer bottom candles.
The bullish reversal drove the XTZ price 33% higher as it hit a significant resistance of $1.62. However, over the past four days, the coin chart shows higher price rejection at the mentioned level, indicating the sellers are defending this level.
Furthermore, despite today’s 68% rise in volume, the XTZ price struggles to surpass the $1.62 resistance, suggesting a reversal possibility. If the seller’s pressure persists, the altcoin could slump back to $1.2.
On a contrary note, a possible bullish breakout from the $1.62 resistance could bolster the buying pressure to drive the coin price 44% higher to the $2.38 mark. A breakout or reversal from the resistance zone could validate whether the buyers are ready for a genuine recovery.
Technical indicator
Despite a lower low formation in price action, the MACD indicator slopes climb higher, indicating growth in underlying bullishness. This divergence encourages XTZ buyers to breach the $1.62 resistance.
Since October 2020, the midline and upper band on the Bollinger band indicator have acted as strict dynamic resistance for coin traders. Moreover, the midline is currently assisting sellers in stalling the potential breakout from overhead resistance.
- Resistance level- $1.6 and $1.8
- Support levels- $1.2 and $1
- Michael Saylor’s Strategy Faces Removal From Nasdaq 100 Amid Crypto Market Crash
- Crypto Market Crash: $1B in Bitcoin, ETH, SOL & Top Altcoins Liquidated Ahead of Options Expiry
- Bitwise XRP ETF Sees Massive First Day of Launch With Nearly $22M in Trading Activity
- Senate Committee Advances Pro-Crypto Michael Selig’s Nomination For CFTC Chair
- Ethereum Treasury FG Nexus Offloads 10,922 ETH Amid ETH Price Crash Below $3,000
- Dogecoin Price Forecast: Will DOGE Hold Above $0.15 or Fall Lower?
- Pi Coin Price Eyes a 105% Surge as Bullish Patterns Align With Bullish Fundamentals
- Will XRP Price Rally to $3 After Bitwise Launches First XRP ETF on NYSE?
- Ethereum Price Hits Historical Liquidity Reset — Is a Bounce Coming?
- Solana Price Prediction: Key Indicators That Could Propel SOL Toward $200
- Zcash Price Outlook: What’s Next for ZEC After Surging 12%?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
