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- 1 XTZ might see a further decline within the next few weeks.
- 2 Presently, XTZ is taking resistance from the 20 EMA.
Investors are currently presenting a bearish outlook for the near future. The price of XTZ after facing severe selling pressure trading within a consolidation. The bears still have major control over price action. The price is seeing a decline of 15% within the last seven weeks after breaking an important support level near $1.000.
It may see a further decline in the near future as the major trend for XTZ is bearish. Oscillators are moving near the oversold levels on the daily timeframe. After breaking its support zone the price has been following a consolidation and breakdown pattern and currently, it is in the consolidation phase.
The value of the Tezos token at present is $0.894 with a market cap of $898.28M
Technical Analysis ( 1 Day timeframe )
The RSI line is taking a retest from the 14 SMA line around point 35.09 making consistent lower highs and lows. The RSI curve near the oversold level is suggesting that it may soon take a bullish reversal. The current value of RSI is 32.85 points.
The RSI is near the end zone of its oversold levels hence the price may take a retest from its 20 EMA before taking further decline.
The stochastic RSI has been consolidating near the demand zone recently. Though the %K line suggests that it may soon make a positive move leading the %D line, The current value of Stochestic is 9.65 points.
A Recent Increase in Staking Activity
Since early May there is a recent increment in the value of Tokens being staked across multiple platforms according to StakingRewards. This surge in the staking value of the token suggests that Investors are confident regarding the long-term value of the token. The current value staked is $189.473 and the staking ratio of Tezos is $70.09.
A Deep Decline in the TVL of XTZ Token, Stablecoins
The TVL (Total Value Locked) is seeing a crucial decrease since last October. Although that may change as the Staking value of XTZ is seeing a steady increase within the last 30 days. The present TVL of XTZ is 54.24M observing a change of 2.05% within the last 24 hours. The price of XTZ is also moving below seeing a decline in value with TVL.
Conclusion
Presently, the Tezoz coin is trading near its current resistance level around the price of $0.900; its most recent support is near the previous cup and handle pattern which is 11% percent below the current price near the level of $ 0.800.
Technical levels –
Support – $ 0.800
Resistance – $0.900
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
