XTZ Price Surges Up 10% Trading Volume Increases 49.43%

XTZ price analysis
  • XTZ performed positive momentum on Saturday’s trading session
  • XTZ price is $3.17, which is up by 9.80% in last 24 hour time frame and is 8.36% up from the previous week
  • XTZ/BTC pair is positive with a gain of 12.10% in Saturday’s trading session (0.0000992)
Source: Coinmarketcap

XTZ price had positive momentum on the weekly chart, and it went up to $24.35 on January 19, 2021, while breaking above the resistance zone. XTZ price set a mark of 90-day high with help of overall market conditions. The XTZ/ETH pair is also in an uptrend with a value of 8.76% in Saturday’s trading session (0.0025732).

XTZ Technical Chart Reflects A Breakout From Falling Channel Pattern

Source: TradingView

The technical chart of XTZ highlights a positive trend with the help of overall market conditions on Saturday’s trading session. XTZ price is $3.17, with a resistance zone of $3.40, following the support zone of $2.44. One can observe a falling channel pattern and a breakout from the pattern forming a bullish momentum. Diving into the weekly chart of a 30-minute time frame, it forms a bullish engulfing candlestick pattern, indicating the bulls have overwhelmed the bears and are now in control.

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The Volume indicator of value (1.384M) reflects a massive buying volume in coin with the help of overall market’s condition. One can further see an increase in buying volume in the next few trading sessions.

MACD indicator (Bullish), no bearish crossover signal line is spotted on January 23, 2021, during the trading session, it indicates a buy signal in the coin. Also, it denotes massive green bars in the Histogram.

Meanwhile, the RSI indicator (Bullish) with a value of 62 indicates a buy signal in the coin. It may soon move towards the overbought territory if buying increases in the coin.

Conclusion 

XTZ price is up by 9.80% on Saturday’s trading session. XTZ breakout from the falling channel pattern forming a bullish momentum. One can further expect a bullish trend in the coin to the resistance level of $3.40 in upcoming trading sessions.

Resistance: $3.40

Support: $2.44

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Nikhil Ingolehttp://themarketperiodical.com
Mr, Nikhil Ingole is a cryptocurrency technical analyst with over seven years of technical analysis trading experience in Forex and Indian stock market. As a commerce graduate, he has taken a keen interest in blockchain's future potentials in the financial industry. He possesses strong technical, analytical skills and is well known for his financial market's informative analysis. Other than crypto, Nikhil Loves to watch his favorite football team and keep up to date with the latest Formula 1 racing.

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