XTZ has been correcting from its ATH since October 2021. It is like a textbook correction with typical bear market rallies. Tezos is now trading around its main historical support trendline. If XTZ breaks below that, I think we will head towards $2-2.2.
However, given the current level and historical upside impetus from the main support trendline that you can see on the weekly timeframe, another rally is also on the horizon. A break out of the falling wedge would be a first bullish sign. The daily chart would turn bullish once XTZ can again scale above any of the higher dashed white trend lines that acted as resistance in the past.
Considering the volume profile, I tend to lean towards the bearish side on the macro picture.
Let's see how that plays out.
Thank you for your support.
However, given the current level and historical upside impetus from the main support trendline that you can see on the weekly timeframe, another rally is also on the horizon. A break out of the falling wedge would be a first bullish sign. The daily chart would turn bullish once XTZ can again scale above any of the higher dashed white trend lines that acted as resistance in the past.
Considering the volume profile, I tend to lean towards the bearish side on the macro picture.
Let's see how that plays out.
Thank you for your support.