XTZ price action shows a bullish breakout of the long-coming resistance trendline and the $2 mark. Will the breakout rally surpass $2.5? Key technical points: The XTZ market value increased by 11.45% today at press time. The price action shows a high likelihood of the $2.15 breakout. The 24-hour trading volume of Tezos is $72.15 Million, indicating a hike of 68%. Past Performance of XTZ After the rejection at $4 led to the $2.80 support zone breakout, the XTZ prices were trapped in a correction phase, resulting in a drop to $1.66. Finally, the buyers overtook the trend control with a double bottom reversal at $1.66, resulting in a 26% relief rally that breaks above the long-coming resistance trendline. Source- Tradingview XTZ Technical Analysis XTZ prices show a bullish engulfing candlestick struggling to close above the previous swing high of $2.15. However, the increase in trading volume over the weekend reflects a gradual growth in buying pressure that may reach the $2.5 mark shortly. The DMI indicator indicates a trend reversal crossover in the DI lines, accompanied by an increase in the bullish spread. Still, the declining ADX showcases could soon resume the upward trend. In the same way, both the MACD and signal lines keep trending higher to reach the zero line in a bullish alignment. The resurging confidence in the MACD histograms is a sign of a re-invigoration in the underlying positive sentiments. The RSI indicator di...
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