Technical Analysis for XTZUSD for 9th December 2021
Tezos Soars 70%, XTZUSDT Springing Back from $3.5
Past Performance of Tezos
The Tezos coin is one of the top crypto performers. From the daily chart, XTZ is up 70 percent from recent lows, following Ubisoft releasing the first NFT game on the self-amending Platform.
What to Expect of Tezos
There is a bullish divergence pattern in the XTZUSDT daily chart.
The bullish engulfing bar of December 7 printing from around last week's highs may spark more demand in the days to come.
Based on the XTZ technical analysis, traders may search for entries in lower time frames as long as prices trend above $3.5.
Tezos Technical Analysis
The Tezos coin remains in consolidation following the bear breakout pattern of late October 28.
Even so, with the indicator of strength, traders may actively load the dips above $3.5, aligning themselves with bulls of December 7.
In that case, the first feasible target is at $8.5—October 2021 highs.
An unexpected dip below $3.5 invalidates bulls, paving the way for November sellers whose targets lie at H2 2021 lows of around $2.
Resistance level to watch: $8.5
Support level to watch: $3.5
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