Technical Analysis for XTZUSD for 3rd August 2022
Tezos Retracts but Remains in a Rising Channel above $1.67 Support
Past Performance of XTZ
There are flashes of strength in Tezos' price action. However, despite the gains in the past trading week, buyers are struggling to shake off determined sellers. Currently, XTZ prices are within a rising channel with immediate support at $1.67 with caps at $1.85. The coin is inside the July 30 bull bar, a positive development for traders.
Tezos Technical Analysis
Tezos is bullish and traders may load the dips above $1.67, based on the candlestick arrangement in the daily chart. Since prices are within the July 30 bull bar with support at $1.67, every low may offer an opportunity to double down with targets at last week's highs at $1.85 as prices trend inside the rising channel. Further gains with rising volumes above the previous week's highs may trigger more demand, lifting XTZ towards June 2022 highs of $2.33. Conversely, if bears flow back, forcing prices below $1.67 and May 2022 lows, XTZ could crash to $1.48 and even $1.20, or 2022 lows, in the short to medium term in a bear continuation formation.
What to Expect from XTZ
After double-digit losses from 2021 peaks, prices are recovering. The crypto market-wide recovery could prop up XTZ prices in the medium term, buoying bulls targeting June 2022 highs. These gains are, however, subject to how strongly prices break out from the rising channel.
Resistance level to watch: $1.85
Support level to watch: $1.67
Disclaimer: Opinions expressed are not investment advice. Do your research.
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