The XTZ price action shows a high momentum uptrend ready to break the overhead resistance of the rising channel to exceed $2. Key Technical Points: The Tezos token price has increased 10% in the last two days. The bull run plans to exit the rising channel and reach the next milestone at $2.21. With a market cap of $1.81 billion, the intraday trading volume of Tezos has increased by 82.30% to reach $76.11 million. Past Performance of XTZ As we mentioned in our previous analysis, the Tezos (XTZ) price took a bullish reversal to challenge the resistance trendline of the rising channel. The reversal rally accounts for a 10% jump over the last 48 hours and challenges the psychological mark of $2. Furthermore, the bearish failure to reach the support trend line or test the $1.66 horizontal level increases the possibility of a bullish breakout. Source – Tradingview XTZ Technical Analysis The XTZ price shows 5.10% growth in the daily candle, but the long wick formation delays the bullish breakout. Hence traders hoping to ride a breakout rally must wait for a price action confirmation to avoid a bearish reversal. The 50 and 100-day SMA prepares a bullish crossover as the Tezos market price sustains above the 100-day SMA. The daily RSI slope displays a sharp spike in the lateral trend within the nearly overbought zone, reflecting a boom in underlying bullishness. Moreover, the MACD indicator shows the increased buying pressure undermini...
