Tezos Price Analysis: Will XTZ Reverses From $1.85 Mark?

Tezos Price Analysis: Emerging XTZ Coin Rally Eyes $5.8 Mark

Tezos price analysis indicates receding bullish momentum from the higher level placed near $1.85. The level formed a multiple resistance barricade for the buyers and poses challenges here. A new batch of buyers would be able to breach the mentioned level and would take the next level toward $2.0. Vital support could be found near $1.74, a level that must be held by the buyers to sustain the uptrend.

  • Tezos price looks exhausted near the higher levels.
  • A strong resistance zone around $1.85 pauses gains in the coin.
  • A dip buying opportunity as the momentum oscillators remain bullish.

As of publication time, XTZ/USD is trading at $1.74, down 0.02% for the day. The 24-hour trading volume drops marginally to $59,558,898 according to CoinMarketCap data.

XTZ price extends consolidation

XTZ price is trading in a rising channel, making higher highs and higher lows, but faces rejection near the higher levels around $1.845.This level is near the highs of June 11. The volumes are also below average indicating that the price might ignore any bullish sentiment as of now.

Source: Trading view

The daily chart shows that XTZ’s price faces a substantial resistance hurdle of around $1.845.The price is trading in a rising “ Channel Pattern” forming higher highs and higher lows on daily basis. But, with every move on higher levels, volumes are dropping consecutively, indicating selling pressure on higher levels. 

A sustained buying pressure would channel the trend in favor of bulls. A daily close above $1.85 would open the gates for the psychological $2.0.

On the other hand, if the price breaks below $1.74, with good volumes then we can expect a good to bearish momentum up to the lows from $1.66 to 1.62. 

Source: Trading view

On the hourly time frame, DOT  is forming a ‘Head & Shoulder’ pattern, indicating bearishness. According to this pattern, an expected fall up to $1.66 could be possible.

The $1.73 level is the strong support of XTZ, due to the “Triple Top Pattern”, going on with bearish H&S, along with a rising trendline connecting to this above-given level. 

On the other hand, a break above the $1.85 level could invalidate the bearish outlook.

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