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- 1 The price of Tezos (XTZ) is trading at the price of $0.881135. However, the crypto’s price declined by -2.25% in the last 24 hours (press time).
- 2 XTZ price observed an increase of 11.35% in the last 7 days.
- 3 The market capitalization of Tezos is $4,020,340,741.
Tezos crypto is struggling to break out of a descending pattern that has two obstacles: a trendline and the 200-day EMA. The crypto’s next move will hinge on whether it can surpass or drop below the pattern.
The outlook is unclear at the moment. However, the price increased by 11.35% last week, showing that Tezos performed well recently. Tezos lost -90.34% of its value in 2 years after making its all-time high of $9.12.
The current market sentiment is indecisive. There is no notable volume in crypto right now. The price has been rejected by the resistance line and is finding support on the 50-moving average.
Tezos Price Technical Analysis
EMA: Tezos price has been stuck between 50 and 200 MAs with a bearish crossover that shows the influence of sellers in the market. If sellers continue to drag the market down, XTZ could suffer more falls and go into a downtrend.
The RSI line is moving toward the overbought zone. The RSI line is at 60.79. The 14 SMA has a value of 54.65 points. However, XTZ price could rise significantly if it breaks out of this channel pattern.
Currently, MACD is showing bullish signs. The MACD line at 0.017 and signal line at 0.007 are above the zero line, meaning that the MACD is in positive territory and is giving bullish signs.
Volume Analysis: Tezos trading volume for the last 24 hours is $20,033,930 with a -28.10% drop. Moreover, the volume has been declining for a long time.
Conclusion
The current data and analysis show that bears and bulls are in a tight battle. Tezos (XTZ) is struggling to break out of a descending pattern that has two obstacles: a trendline and the 200-day EMA. The price action suggests that the investors have to wait for a proper setup for the next move. XTZ’s price is in neutral territory at the moment. Moreover, indicators such as the EMA, RSI, and MACD are giving bullish signals about Tezos crypto. The current scenario demands traders and investors to be patient and look for a clear break below or above the range before making any moves in the future.
Technical Levels:
- Support – The current support level is $0.825.
- Resistance –The current resistance level is $0.933.
Disclaimer
The analysis given in this article is for informational and educational use only. Do not use this information as financial, investment, or as trading advice. Investing and trading in crypto is a risky task. Please consider your circumstances and risk profile before making any investment decisions.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
