Tezos
Tezos price analysis: XTZ plunged near its 20 EMA as buyers awaited the weekly price closing
- Tezos (XTZ) has recovered around 35% in the past two weeks after retreating from its monthly lows of $1.45.
- The RSI indicator is approaching a half-line (50 mark) after a minor retracement level in terms of the daily price chart.
- Tezos coin is up a little over 1.4% with the bitcoin pair at 0.0000672 Satoshis.
Tezos (XTZ) is showing signs of recovery in the near term, with price action displaying higher lows. Tezos price behavior, on the other hand, implies that the XTZ price is still in a negative trend over the long run.
Tezos pricing has been stabilizing below $2.50 for the past 20 days as the cryptocurrency market as a whole remains gloomy. The XTZ price is finding support at $1.4, which is the 90-day low.
At the time of writing, the XTZ token was trading at the $1.96 mark during the recovery. Meanwhile, buyers struggle near the $2.0 conceptual round level; So the weekly price candle is going to rip the Doji candle at the end of this week.
Amid the recovery, the market cap stands at $1.7 billion, up 2.5% in the last 24 hours according to the CMC. Furthermore, the Tezos coin is up a little over 1.4% and the bitcoin pair is at 0.0000672 satoshis.
Along with the higher momentum, volatility is also increasing, which favors the bulls. Therefore, traders recorded an increase of almost 10% in trading volume of $93 million compared to the previous night.
Buyers need to propel prices above 20 EMA
As key EMAs like 20,50,100 and 200 remain above the current price of Tezos, it shows that weakness still exists in the altcoin. Meanwhile, the bulls are attempting to close the daily price candle above the 20 EMA.
In terms of the daily price chart, the RSI indicator is approaching a semi-line (50 points) after a minor retracement level.
Conclusion
Now it remains to be seen whether the bulls finally close the Tezos (XTZ) daily price candle above the 20 EMA. The bears may attempt to sell below the 20 EMA again.
Support level- $1.5 and $1.0
Resistance level – $2.0 and $2.5
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.
