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- Tezos token price action is fighting hard to sustain the above support of $4.0 on an intraday session
- Red Bull Racing Honda will launch its NFT fan tokens exclusively on the Tezos blockchain
- The XTZ/BTC pair was trading at 0.0001002 BTC with a gain of 1.17%
The 4-hour technical chart of the Tezos token price movement is in a downtrend and is trying to sustain at $4.0. According to pivot levels, the XTZ significant support level is $2.70. Whereas if it goes up, the primary resistance level to watch is $4.85. Moreover, the chart shows a bearish inside candlestick pattern describing bearish reversal with medium reliability.
RSI indicator (BEARISH) – Showcases a weak momentum with a value of 38.20 ranging in the bearish territory. Investors may observe a flat slope in the index. It may remain in a negative direction for the upcoming trading sessions.
The Moving Average Exponential (EMA), consisting of 200-EMA, acts as unbroken support in the asset price movement. Investors may witness the price below the red line, so until the price rests below the EMA, it will assure XTZ’s negative trend.
The volume of (105.61K) is upward of the Volume MA (377.94K) of 20-days. Low volume is directed in XTZ to maintain the price level at $4.0.
Red Bull Racing Honda Has Announced A Multi-Year Technical Partnership On Tezos Token
Red Bull Racing Honda affirms another multi-year technical association with Tezos, the world’s most developed blockchain, as the Team’s Official Blockchain Partner. The energy-efficient blockchain Tezos has been chosen by the Team to fabricate its first-ever NFT fan experience.
Tezos is a spearheading and energy-effective open-source blockchain for resources and applications related to Formula One, continually developing with the most recent industry advancements. By plan, Tezos utilizes a more energy-effective way to secure its network, which implies it can work neatly, with insignificant energy utilization and an immaterial carbon impression.
Tezos token price traded at $3.92 with a 1.17% gain in the last 24-hour and a 36.34% loss in the weekly time frame. In contrast, the market capitalization stands at $3.54 billion. Technically, investors can perceive the price is below the EMA. RSI index showcases a flat slope. Additionally, the price action can be towards the resistance of $4.85 in future trading sessions.
Resistance: $4.85
Support: $2.70
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.
