The price action of the top performers of this week shows that the bulls are firmly in command and the uptrend is likely to continue
XTZ USD daily chart. Source: Tradingview
The XTZ/USD pair recently completed the breakout of an ascending triangle pattern. This setup has a minimum target objective of $3.35. However, we anticipate the up move to face resistance at $2.50 and above it $2.90.
Due to the sharp rally of the past two weeks, the RSI has entered into the overbought zone, which points to a possible consolidation or a minor correction in the next few days.
Usually, after the breakout of a pattern, it is seen that the price retests the breakout levels. In this case, a retest of $1.85 is possible. If this retest holds and the price bounces off it, a low-risk buying opportunity opens up. Our positive view will be invalidated if the bears sink and sustain the price below $1.85.
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