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- XTZ price falls from $7.25 to $5.25 on Tuesday’s trading session
- The 24-hour volume in XTZ is at $712,196,229 with a 5.47% decrease
- The XTZ/BTC pair was trading at 0.00009584 BTC with a gain of 2.71%
The 4-hour technical chart of the XTZ price forecasts a negative trend. According to pivot points, XTZ’s critical support level is placed at $4.70. Whereas if it moves up, the key resistance to watch is $7.25. While diving into the weekly chart of a 4-hour time frame, it completes a bearish engulfing candlestick pattern representing bearish reversal with high reliability.
EMA- (8,13,21,55) acts as another strong support in the coin. EMA-8 (blue) is going below EMA-13,21 (green, yellow), which projects the beginning of a negative trend. The price is trying to sustain above 55-EMA (red). Investors may perceive a negative crossover in the EMA, and the price will also follow the negative trend.
RSI indicator (BEARISH), with a value of 44.80, indicates a sell signal in the coin. Moreover, Investors can see a downward slope from 71 to 44 in the index, which may surge in future trading sessions.
The volume of (4.51M) represents a selling volume below the Volume MA (5.10M) of 20-days. High buying pressure is required in Tezos to drive its price to higher levels.
XTZ Price Action Triggered Selling Pressure
XTZ Price traded at $5.25 with a loss of 15.40% in the last 24-hour and 16.08% down in the weekly time frame. Furthermore, XTZ plunged from the resistance of $7.24. In contrast, the market capitalization stands at $4 billion. Technically, investors can perceive a negative crossover in the EMA, and the price is trying to sustain above the 55-EMA. RSI index showcases a downward slope. Moreover, the price movement can be towards the support of $4.70 in future trading sessions.
Resistance: $7.25
Support: $4.70
Mr, Nikhil Ingole is a Chief Editor at The Coin Republic with over five years of technical analysis & trading experience in Forex and Crypto. As a commerce graduate, he has taken a keen interest in blockchain’s future potentials in the financial industry. A keen cryptocurrency enthusiast, he is very supportive of new media projects, pioneer ideas and the Bitcoin community. He possesses strong technical, analytical skills and is well known for his financial market’s informative analysis. Other than crypto, Nikhil Loves to watch his favorite football team and keep up to date with the latest Formula 1 racing.
