Tezos Price Jump 18% With A Double Bottom, Ready To Reach $20
The Tezos price restarts the uptrend with a double bottom reversal from the $1.39 mark resulting in a 20% jump exceeding $1.50 to touch the neckline at $1.66. Furthermore, the triple white soldier pattern in the daily chart shows a promising recovery in Tezos market value that will continue in the coming week. However, the recovery rally faces opposition from the 50-day EMA, which may keep the bullish growth in check.
Key points From Tezos Price Analysis:
- The XTZ price action showcases a double-bottom reversal.
- The bullish reversal may shortly reach the psychological mark of $2.
- The intraday trading volume in Tezos is $64.09 Million.
Source-Tradingview
XTZ Technical Analysis
The Tezos price shows a rising channel fallout rally taking support at the $1.39 mark, accounting for a drop of 15% within three days. After that, however, the buyers slowly take over the trend control with a double bottom reversal supported by the rise in intraday trading volume.
The recent 20% recovery over the past three days comes with a triple white soldier pattern promising a trend continuation to the overhead resistance of $2. First, however, the buyers must exceed the $1.66 mark to break the bullish pattern and unleash the trapped momentum.
Moreover, the 50-day EMA challenges bullish growth, but the opposing EMA’s breakout will likely exceed the 100-day EMA. Furthermore, this will increase the $2 breakout possibility to reach the 200-day EMA at $2.30.
Conversely, a reversal from $1.66 will likely drop Tezos price to $1.39 and prolong the consolidation range.
Technical indicator
The daily-RSI slope jumped from the nearly oversold zone to break the 14-day SMA and the halfway line. The bullish reversal comes to fruition after the divergence in the nearly oversold zone. Furthermore, the MACD and signal lines give a bullish crossover with a new rally of bullish histograms reflecting an increase in buying pressure.
Thus, the indicator shows the underlying sentiments for Tezos are improving drastically, adding points to the double bottom breakout theory.
- Resistance levels- $1.66 and $2
- Support levels- $1.39 and $1.26
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