Will XTZ recover ?XTZ is trading in an ascending channel (Log Chart) since February 2020. Both trendlines was tested several times in the past.
There are many multiple factors that affect all markets last days or weeks, like events on Canada, Biden’s crypto executive order or Russia – Ukraine conflict, etc.
At the time of writing this report, XTZ is trading at $3.17, a further drop to $3.00 – 2.54 is possible, but not certain.
A trendline breakdown, at its own, is not the proof of reversal.
A break and close below the in the 1W TF may result in a deeper breakdown to $2.10.
In the long run, with the current situations there is no worrying signs for a bearish reversal in the market.
For long positions:
Take profit targets are: $13.21, $15.73, $19.81
Stop loss or alerts below previous week or month low depending on your time horizon.
In any case R/R ranges from 8.39 to 21.77. Consequently, it is a worthwhile trade/investment.
Resistance zones in a new update.
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