XTZ Technical Analysis: Tezos Ready To Reclaim $2 This Year

XTZ price chart shows the recovery rally giving a double bottom breakout, teasing an uptrend to the overhead psychological mark of $2. The bullish reversal from the $1.39 support level forms a double bottom reversal pattern to break above the $1.66resistance level. Currently, the daily candle shows a retest phase seducing buyers with a post-retest reversal opportunity. But will the Tezos prices sustain the suddenly increased bearish pressure to give a bullish reversal? Key Points: The Tezos price action shows a retest of the $1.66 breakout. The double bottom breakout rally eyes the $2 barrier. The intraday trading volume in Tezos is $60.52 million. Source – TradingView XTZ Technical Analysis The consolidating XTZ prices take a bullish reversal from the $1.40 support level to jump above the $1.66 resistance level, accounting for a 20% jump. The reversal completes the double bottom pattern and gives a bullish breakout of the $1.66 neckline. Furthermore, the inclining trading volumes over the past week support the bull run and the pattern breakout, teasing an uptrend to the $2 mark. However, the daily candle shows heightened bearish influence leading to a 1.18% correction to retest the broken neckline. The lack of volume supports the bullish thesis of a post-retest reversal, so sideline buyers can shortly find an entry spot if the daily candle shows long-tail formation. If the market value sustains above $1.66, an uptrend to the ...