XTZ Technical Analysis: Double Bottom Hints 30% Prices Jump

XTZ coin price creates a double bottom pattern at $2.90 support level with a neckline at $3.5, teases a breakout rally to the 200-day EMA. Key technical points: XTZ coin price takes support at 50-day EMA. The Stochastic RSI gives an untimely bullish crossover. The 24-hour trading volume in the Tezos Token is $1.13 Billion, marking a 152% rise. Past Performance of XTZ As per our last Tezos technical analysis, the XTZ coin price showcased a bullish recovery from the $2.90 support level resulting in a jump to $3.50. However, the rejection from the 50-day EMA reverted the rally to $2.90. Nonetheless, the bulls turn the lemon into lemonade with a double bottom pattern creation. Source-Tradingview XTZ Technical Analysis XTZ coin prices may generate a buy signal with the $3.50 neckline breakout, resulting in a rally above the $4 mark. However, the recent rejection of 5.6% creates a bearish engulfing candle, sabotaging the bullish sentiment and may give a fallout of the bullish pattern. The crucial daily EMAs maintain a downtrend as the 50-day EMA carries an active deterrent for buyers. However, the collapse of the 50-day EMA will result in a price jump to the 200-day EMA. RSI Indicator: The RSI slope shows a sideways trend due to the failure of rising above the 50% mark. Moreover, the bullish divergence is crystal clear in the double bottom pattern, increasing an upside breakout possibility. Stochastic RSI Indicator: The declining K ...