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Tezos Price Analysis: XTZ declining through a Falling Wedge, When will it Escape the Pattern?

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  • Tezos price is trying to gain uptrend momentum inside the falling wedge pattern over the daily price chart.
  • The crypto asset is still behind 20, 50, 100 and 200-days Daily Moving Average.
  • The pair of XTZ/BTC is at 0.0000708 BTC with an intraday gain of 3.78%.

Tezos price just got support from the lower trendline of falling wedge pattern over the daily price chart. The token is trying to gain uptrend momentum to surge towards the upper trendline over the daily price chart. XTZ bulls must gather to provide support to the XTZ coin. XTZ investors need to wait for any directional change over the daily price chart. 

Tezos price is presently CMP at $1.48 and has gained 4.79% of its market capitalization in the last 24-hour period. However, trading volume has decreased by 1.13% in the intraday trading session. This shows that bears are getting involved in the trade to pull back XTZ coin. Volume to market cap ratio is 0.03508.

XTZ coin price is trying to accumulate bulls in order to surge towards the upper trendline of falling wedge pattern. The token is trying to attract a significant amount of buyers to register its breakout. However, volume change can be seen below average and needs to grow for Tezos coin to surge over the daily price chart. XTZ bulls need to maintain the volume in their favor to let XTZ surge. The crypto asset is still behind 20, 50, 100 and 200-days Daily Moving Average.

Support on the lower end is at $1.23 and resistance on the higher side is at $1.55.

What do Technical Indicators Suggest about XTZ?  

Source: XTZ/USD by TradingView

XTZ coin price is trying to surge towards the upper trendline of the falling wedge pattern. Technical indicators suggest the uptrend momentum of XTZ coin. Relative Strength Index showcases the bullish momentum of XTZ coin. RSI is at 43 and is heading towards neutrality to register the token’s bullish rally. MACD exhibits the bullish momentum of XTZ coin. The MACD line is crossing the signal line upwards for a positive crossover. 

Conclusion 

Tezos price just got support from the lower trendline of falling wedge pattern over the daily price chart. The token is trying to gain uptrend momentum to surge towards the upper trendline over the daily price chart. However, volume change can be seen below average and needs to grow for Tezos coin to surge over the daily price chart. XTZ bulls need to maintain the volume in their favor to let XTZ surge.  Technical indicators suggest the uptrend momentum of XTZ coin. RSI is at 43 and is heading towards neutrality to register the token’s bullish rally. 

Technical Levels

Support Levels: $1.23 and $1.00
Resistance Levels: $1.55 and $2.30

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.

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