XTZ ready to bounce to $4.5 according to technical indicators

  • XTZ is currently at $2.64 after a major crash from its 2020-high at $4.49.
  • Several indicators are showing that a notable bounce could be underway in the short-term.

Tezos price was trading below $0.98 in March right after the pandemic crash. XTZ bulls managed to create a massive 300% bull rally towards $4.5 just months later experiencing a notable increase in trading volume and transactions. 

XTZ/USD 3-Day chart

xtz price

The first thing to notice on this chart is an ascending parallel channel formed. XTZ has been trading inside this channel for almost one year now and has bounced several times from the lower trendline. XTZ is currently defending the 100-SMA at $2.38 and a crucial support level on the RSI at around 40. The crash of March also dropped the RSI level to around 39 from which XTZ bounced strongly. Similarly, the same level was defended on July 2.

xtz price

Interestingly, the

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