- XTZ faced huge downtrend momentum during Wednesday’s trading session with an overall loss of -3.00%.
- The XTZ/BTC pair is also on a significant decline with a loss of -2.88%.
- The price recovery made by XTZ from the trade price of $1.80 to reclaiming the mark of $2.00 is slowing fading away.
On the intraday chart, XTZ started to fall from the level of $2.40 and reached the current price of $2.16. A negative breakout below the crucial mark of $2.00 is looking possible with the bears sustains for the crypto asset in the market. The performance of XTZ for this month has been not very promising as the 24 change has been -4.21% and the 7-day change has been only 4%. The current market capitalization stands at $1,648,040,176 with the 24-hour volume traded of $137,623,415.
XTZ must sustain above the price level of $2.00 for the continuation of its target of reclaiming the late-august levels of $3.00 and above. From the past few days, the positive momentum for XTZ was in reviving mode which is followed by the current ongoing profit booking momentum. If the price level sustains above $2.00, we can say that the investor’s greed resulted in the minor downfall otherwise if the levels broke below, that can be a sign of comeback of bears with strong intentions.
Tezos (XTZ) Technical Analysis
On the technical chart, before the significant downtrend happened for the cryptoasset, the levels indicated the downfall beforehand while forming a triple bottom approach with the help of the major resistance level of $4.50. The FIB levels reflect that XTZ tried to sustain price and avoid the downtrend on multiple levels but the bears were much stronger with the overall bearish sentiment in the market. There was another resistance level of $3.40 which was noticed during the attempts of avoiding the downfall. The support level of $2.50 sustained the downfall for quite some time but couldn’t hold the levels for a longer duration. There has been price recovery momentum from the past few days which is a positive sign for the altcoin after a long period and must sustain the momentum anyhow for avoiding any further downfall.
RSI levels are not looking very promising with dowtrending nature with the current level of 46.05.
MACD levels reflect on the price recovery momentum with a bullish crossover few days back. However, there has been a bearish crossover built for the coin which may result in further damage of the levels.
Resistance Level: $2.40
Support level: $1.80 and $1.50
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Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.