The XTZ technical analysis shows how the price trend struggles to sustain above the support trendline of a rising channel as the bearish intent grows after the fall of the 50-day SMA. Key Technical Points: The XTZ prices jumped by 1.90% in the last 24 hours. The bullish reversal retests the 50-day SMA. The 24-hour trading volume of Tezos is $42.67 million, indicating a rise of 30%. Past Performance of XTZ As mentioned in our previous analysis, the XTZ prices take a bullish turnaround after the retest of the broken resistance trendline. The post-retest reversal accounts for a 22% price jump and forms a rising channel pattern. However, a bearish turnaround from the resistance trendline at $1.75 decreases the support trendline. Source – Tradingview XTZ Technical Analysis On July 27th, the XTZ price showcased reversal signs at the support trendline, with a 3.5% intraday gain backed by a significant pump in volume. Today, the coin price rose 0.58%, and the long-tail attached to the daily candle shows sustainability above the trendline. The daily-RSI slope nosedived below the neutral line suggests a negative sentiment is clouding the market participants. The MACD indicator reflects a sell signal with the bearish crossover between the fast and slow lines. Moreover, a possible midline breakdown would offer sellers an extra edge. In a nutshell, the technical indicators showcase a bearish bias which warns of a downtrend continuation wit...
