XTZ Technical Analysis: Triangle Breakout Rally Eyes $2.50

The increasing demand shows a bullish breakout of the ascending triangle that may shortly inflate the XTZ market price to surpass $2.50. Key technical points: The XTZ market prices have recovered 3.56% over the past 24 hours. The price trend shows a post-retest bullish reversal. The 24-hour trading volume of Tezos is $183.21 Million, indicating a hike of 60%. Past Performance of XTZ XTZ prices showcase the bullish reversal from the $1.66 support level with a double bottom reversal as the buying pressure grows. The bullish reversal forms multiple higher low formations, generating a support trendline and forming an ascending triangle. Moreover, the 6% bullish surge brings the bullish breakout of the ascending triangle pattern and challenges the 50-day EMA. Source- Tradingview XTZ Technical Analysis XTZ prices approach the 50-day EMA and show a higher price rejection candle reflecting demand for the retest of the $2.12 breakout. Hence, traders can shortly expect a reversal which will bring a lucrative entry point. The crucial Simple Moving Averages – 50, 100, and 200-days marked red, orange, and black, respectively. Moreover, the breakout rally faces opposition from the 50-day EMA increasing the likelihood of a negative retracement. The MACD and signal lines display the uptrend crossing over the zero line as the buying spree continues, as evidenced by the increasing volume of positive histograms. Furthermore, the RSI shows a stea...