XTZ Technical Analysis: Should You Consider Buying Tezos During Retest?

A reversal in XTZ prices from the 50-day SMA results in the retest of the falling wedge breakout. Will the fallout rally sustain above $1? Key technical points: The XTZ market price has depreciated by 11.5% over the past three days. The price action shows the buyers failed to surpass the 50-day SMA. The 24-hour trading volume of the Tezos is $74.2 Million, indicating a fall of 19%. Past Performance of XTZ The XTZ prices take a bullish reversal from the $1.190 support level resulting in a jump to $1.65, close to the 50-day SMA. The positive retracement resulted in the bullish breakout of the falling wedge pattern in the daily chart. However, as we mentioned in our previous article, the selling pressure at the 50-day SMA plunges the market price below to retest the broken resistance trendline. Source- Tradingview XTZ Technical Analysis The sudden selling spree in the XTZ price chart shows an increase in intraday trading volume, reflecting an increase in bearish commitment. This lowers the possibility of a post-retest reversal. Nonetheless, the positive growth of 1.83% in the daily candle teases a morning star formation. The crucial SMAs(50, 100, and 200) project an overall downtrend with a bearish alignment and provide dynamic resistance to bullish growth. The MACD and signal lines nearing a bearish crossover reflect a loss of bullish momentum. Thus, this crossover may attract more sellers to the market. The RSI indicator failed...