Technical Analysis for XTZUSD for 1st December 2021
Tezos Bulls Snap Back to Trend, can XTZ Print a 2X to $8.5?
Past Performance of XTZ
It is a welcomed revival for XTZ, the currency of the self-amending platform.
After weeks of dropping, XTZ buyers are now back in contention, floating higher with rising trading volumes.
Specifically, there is a three-bar pattern possibly signaling the end of the worrying slump, ushering in buyers.
What to Expect of XTZ
The Tezos coin lost over 50 percent after dropping from October 2021 peaks.
Following the bounce-back of early this week, buyers are upbeat, expecting more gains.
Notably, the XTZ price is reversing from the 61.8 percent Fibonacci retracement level of the H2 2021 trade range.
Considering the XTZ candlestick arrangement, every low above $4.3 may present entries for aggressive Tezos trades.
In that case, the first target would be October 2021 highs at $8.5.
Tezos Technical Analysis
Tezos buyers are firm, and the uptrend looks solid.
After weeks of lower lows, the recovery from the 61.8 Fibonacci retracement level and the push higher with higher trading volumes point to strength.
Notably, XTZUSDT prices are now trading above the middle BB—a dynamic resistance line—clear in the daily chart.
Aforementioned, Tezos buyers may double down on dips expecting a near 2X towards H2 2021 high of $8.5. A dump below $4.3, on the other hand, squashes hope of buyers taking charge.
Resistance level to watch: $8.5
Support level to watch: $4.3
Disclaimer: Opinions expressed are not investment advice. Do your research.
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