Technical Analysis for XTZUSD for 23rd June 2022
Tezos Resistance at $1.54, XTZ Prices in a Bear Flag Formation
Past Performance of XTZ
Tezos prices are trailing the USDT after a relief rally. At spot rates, the coin remains within a bear breakout formation, sliding six percent in the last trading week. In the immediate term, the primary support and resistance levels lie at $1.22 and $1.54, respectively.
Tezos Technical Analysis
From the daily chart, sellers are in a commanding position. XTZ prices are tracking lower in a descending channel within a bear flag. With sellers unwinding gains, traders can wait to trade the breakout in either direction. Preferably, the surge in either direction can be with rising trading volumes. A close below $1.22 will nullify the bullish outlook, confirming sellers of June 13. In that case, XTZ may slide to $1.20 and even $1.10 in the medium term. Conversely, gains above $1.54 may see Tezos bulls drive prices towards May 2022 lows at $1.64.
What to Expect from XTZ
Buyers are confident, but bulls are struggling to tame the wave of recent liquidation. While recent gains may slow the sell-off, a break above $1.54 is required to restore traders’ confidence.
Resistance level to watch: $1.54
Support level to watch: $1.22
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