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Tezos Price Analysis: XTZ Coin Having A Smooth Journey Moving Towards The $1.8 mark

  • XTZ coin giving a death crossover of 50-200 EMA in the daily time frame
  • The XTZ/BTC pair was trading at 0.00007577 BTC with a loss of 4.6%
  • The 24 hr trading volume in XTZ coins is $52.9 Million
Tradingview

In the daily time frame, the XTZ coin continues to fall by making new lower lows on its way. On Monday, the price had a strong breakdown from a $3 crucial support coinciding with the 0.786 FIB and fell around 20% in its intraday day session; in addition, in the last few days price tried to retest the same level for a valid resistance and was rejected by creating an evening star pattern to support the further fall.

The EMA line indicates the XTZ coin is in a strong bearish phase as it is trading below all the critical EMA 20, 50, 100, and 200. In addition, we also have a death crossover of 50 and 200 EMA and a possibility of having a bearish crossover of 100 and 200 EMA; nonetheless, a 20 EMA is acting as an excellent dynamic resistance for the XTZ coin.

The RSI (BEARISH) value is at 34, indicating a bearish sentiment. However, the RSI does show weakness in this bearish trend as it moves in a sideway rather than downwards like price.

XTZ Coin Follows The Falling Channel Pattern In The 4hr Time Frame

Tradingview

The 4hr time frame chart of the XTZ coin shows a clear view of how the falling pattern leads prices towards the lower levels. This pattern offers high reliability as the price has respected its level multiple times and is expected to do the same in the later period.

The MACD indicator (BEARISH) shows both the MACD line and the signal line moving below the neutral zone, suggesting a bearish sentiment. However, the histogram shows faded green and red bars keeping an unclear momentum.

Conclusion: From the technical perspective, the chart shows an overall bearish trend, and as mentioned above, the price resonates inside the falling channel pattern, which could provide multiple trading opportunities for investors interested in Tezos.

Support– $2.3, $.1.8

Resistance– $3