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TEZOS Price Analysis: The XTZ Price Confined in a Sideways Trend, Bulls are the Only Hope NOW

  • The price is confined to a parallel channel over the daily and hourly chart. Bulls need to focus as many investors are waiting for the directional move to enter the market.
  • The crypto asset is trading below the 20, 50, 100 and 200 daily moving average.
  • The XTZ/BTC pair is at 0.0000675 with a loss of 5% in it.

Tezos aims to offer infrastructure that is more advanced meaning it can evolve and improve over time without there ever being a danger of a hard fork.

The XTZ price after facing a downtrend for a long time is now trapped in a sideways trend over the daily chart, signifying the neck to neck fight in between both the gangs to establish dominance resulting in this sideways trend. The coin needs to attract more buyers as this support is not enough for the coin to propagate a recovery. If the bears establish dominance now then the price will suffer a breakdown which will make the price plunge to all time low as in late 2019. So the bulls need to take care of this. The investors may not enter the market till any directional move is observed.

The current price for one XTZ is trading at $1.38 with a loss of 8.33% in its market capitalization in the last 24 hrs. The coin has a trading volume of 56million which is at a loss of 24.01% in the 24 hrs trading session and market cap of 1.2 billion. The volume market cap ratio is 0.04602

Short-term Analysis for XTZ

The short term (4hrs) analysis confirms the sideways trend observed over the daily graph. It shows the volume is moving below the average and same with the price. While talking about the technical indicators, the MACD indicator indicates the initiation of a bearish movement but the signal is quite weak for now.

Against the relative strength index is indicating the increase in buyings which is calling for a bullish run. The value for RSI is above 45.

So this time the technical indicators are looking a bit manipulative. To support the ecosystem bulls need to accumulate and make a breakout.

Conclusion

The XTZ price after facing a downtrend for a long time is now trapped in a sideways trend over the daily and hourly chart. This signifies the battle between the two gangs trying to manipulate the price. The technical indicators are of little help here, so the investors need to wait and watch for any opportunity to enter or exit the market.

Technical levels

Resistance levels: $1.5 and $1.6

Support levels: $1.1 and $1

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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