Technical Analysis for XTZUSD for 2nd June 2022
Tezos is up 30% from 2022 lows, will XTZ Prices Hold above $1.75?
Past Performance of XTZ
Tezos prices are retracing from recent highs, reading from the performance in the daily chart. Although there were hints of strength, the failure of bulls to push prices above $2.20, or last week’s highs, should be a concern. Technically, sellers have the upper hand provided prices are below $2.2, the immediate resistance line, from a top down analysis.
Tezos Technical Analysis
Technically, the current XTZ coin formation favors bulls following gains above the middle BB. At spot rates, XTZ is up 30 percent from 2022 lows. Even so, sellers are in control from a top-down analysis as previously mentioned. This is because XTZ prices are still inside the May 9 to 12 trade range despite gains from May 12. Unless there is a firm close above $2.20 and May 9 highs, the current expansion could be an attempt for a retest. In that regard, aggressive traders may accumulate on pullbacks as long as prices are above $1.75.
What to Expect from XTZ
Prices are recovering after sharp losses from early April, which saw Tezos plunge by 64 percent. Although bulls are confident, the path of least resistance is southwards in the short-term. Still, there could be an opportunity for bulls in the immediate term provided prices trade above $1.75, in continuation of the recent trend in a welcomed retest of $2.57.
Resistance level to watch: $2.20
Support level to watch: $1.75
Disclaimer: Opinions expressed are not investment advice. Do your research.
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