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Technical Analysis for XTZUSD for 1st April 2022

Tezos Recoils from March 2022 highs after Surging 14% from 2022 lows

Past Performance of XTZ

Tezos buyers are relatively firm when writing as per the candlestick arrangement in the daily chart. In the previous week of trading, XTZ is up 10  percent versus the USDT as buyers step into a bull trend continuation pattern. With traders optimistic and XTZ prices in a bullish breakout pattern, there could be more headroom for Tezos bulls in the near to medium term if prices are maintained above $3.5.

Tezos Technical Analysis

Tezos buyers might be in charge but prices are facing headwinds from determined sellers at spot rates. Overall, XTZ is within a bullish breakout formation above the multi-week descending wedge. As per the XTZ candlestick arrangement in the daily chart, traders might find buying opportunities above $3.5 as they set sight on the immediate target at $4.5—coinciding with February 2022 highs--doubling down on every dip. With this setup--and regardless of what’s possible fizzling upside momentum, Tezos buyers appear to be in charge at spot rates. All the same, losses below $3.5 would slow down buyers, invalidating the bullish preview.

What to Expect of XTZ

Tezos is trading in a bullish breakout above the descending wedge. Still, the uptrend will be invalidated if the XTZ price drops below $3.5.

Resistance level to watch: $4.5k

Support level to watch: $3.5k

Disclaimer: Opinions expressed are not investment advice. Do your research.

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