Tezos
Tezos Price Analysis: XTZ Trading in a Falling Wedge, What’s the Escape Plan?
- Tezos price is declining through a falling wedge pattern over the daily chart.
- The crypto asset slipped below 20, 50, 100 and 200-days Daily Moving Average.
- The pair of XTZ/BTC is at 0.00006342 BTC with an intraday drop of 2.49%.
Tezos price is declining through a falling wedge pattern over the daily chart. The token falters to gain support from the bulls and is now falling over the chart. XTZ investors have been waiting for a long time to let XTZ escape the falling pattern. The bulls tried multiple times to sustain at the upper trendline of the falling wedge but failed and stuck inside the consolidation phase with a steady downtrend momentum. XTZ token must gain uptrend momentum over the daily chart.
Tezos price is presently CMP at $1.8 and has lost 2.59% of its market capitalization in the last 24-hour period. Trading volume has decreased by 11.36% in the intraday trading session. This shows XTZ being caught by the bears at the moment. Volume to market cap ratio is 0.07391.
XTZ coin price is trading with strong downtrend momentum over the daily chart. XTZ bulls need to come forward for the rescue of the token. The token must escape being caged inside the falling channel over the daily chart. Volume change can be seen below average and needs to grow for XTZ to escape the pattern.
Support on the lower end is at $1.50 and resistance on the higher side is at $2.50.
What do Technical Indicators Suggest about XTZ?
Tezos token is trying to escape the falling wedge pattern over the daily chart. Technical indicators suggest that XTZ token is trying to escape but couldn’t gather support. Relative Strength Index showcases that XTZ is coming back from neutrality and is heading towards the oversold territory.
MACD exhibits the sideways momentum of the XTZ token inside the falling wedge pattern. The MACD line is ahead of the signal line with lower margin.
Conclusion
Tezos price is declining through a falling wedge pattern over the daily chart. The token falters to gain support from the bulls and is now falling over the chart. XTZ investors have been waiting for a long time to let XTZ escape the falling pattern. Technical indicators suggest that XTZ token is trying to escape but couldn’t gather support. XTZ investors need to wait for any directional chart over the daily chart.
Technical Levels
Support Levels: $1.50
Resistance Levels: $2.50
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
