The XTZ price began the monthly trade with a bullish note and surged beyond $3.5. However, after consolidating for a couple of days, the asset dropped drastically, swinging within a descending parallel channel. Woefully each attempt of reversing the downtrend is going in vain as the price continues to break through the ascending trend and propel towards the south. Therefore, the asset may form constant lower lows for the next couple of days.
Short-Term | The selling volume has accumulated from the past couple of days leaving no room for the buyers to balance the trembled situation. Hence display extreme bearish signals until the day’s close |
Mid-Term | Tezos price has gone inversely parabolic and is currently attempting for a flip which appears pretty tough as the bears try to restrict the price under $3. |
Long-Term | XTZ price is heading towards the lower levels and hence may slide down towards the lower support somewhere around $2.5 in the next couple of days. |
Technical Indicators
Technical Indicators | Value(1Hr / 1D) | Action (1Hr / 1D) |
Relative Strength Index(RSI) | 35.29 / 38.60 | Sell / Sell |
MACD(12,26) | -0.042 / -0.1 | Sell / Sell |
Average Directional Index(ADX) | 30.3 / 38.12 | Sell / Sell |
Bull-Bear Power | -0.065 / -0.64 | Sell / Sell |
The Tezos price both the time frames are extremely bearish as almost all indicators are pointing towards a ‘sell’ signal. The RSI in both the time frames are heading strongly towards the oversold conditions and hence a flip may be expected. On the other hand, The ADX which indicates the strength of the rally is also bearish pointing towards the weekend rally in STF and also in the HTF.
The MACD shows a huge accumulated selling volume in both the time frames, but in the short term, the buyers are attempting to strengthen their presence. However, the bears are appearing to be pretty strong in both the time frames, and hence even if the price witnesses a minor surge, maybe nullified within a short period.
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Pivot Levels
Pivot Levels | Short-Term | Long-term |
Moving Average(MA)-50 | $3.05 | $3.52 |
Moving Average(MA)-200 | $3.27 | $5.03 |
Resistance | $3.16 | $5.11 |
Support | $2.8 | $2.06 |
The current price of XTZ is very close to the 50-day MA levels and also to the immediate support levels. And hence one wrong move may drag the price close to the support levels and in the worst cases, it may plunge below the levels. On the other hand, if the price flips the downtrend, and achieves the immediate resistance at the 50-day MA, then an uptrend may be ignited. However, the technicals and the patterns are somewhat bearish and hence no significant uptrend may be expected.
Oscillators
Oscillators | Short-Term | Long-Term |
Stochastic Oscillator | 25.11 | 42.5 |
Ultimate Oscillator | 46.11 | 40.22 |
Average True Range(ATR) | 0.039 | 0.29 |
CCI | -71.44 | -103.36 |
The Stochastic Oscillator is bearish in both time frames, which indicates the current price is below the average price. Yet the Ultimate Oscillator which considers 3 different MAs to determine the next move is also extremely bearish. However, the asset is less volatile at present, and also the CCI is also bearish which usually identifies the trend change or beginning of the new trend.
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Source: Tradingview
Source: Tradingview
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The XTZ price underwent a notable uptrend during the last few hours of February which was then carried on since the beginning of the month. Despite the asset utilizing all its resources to sustain above $3, woefully the price plunged below these levels during the early trading hours. No doubt the asset is attempting very hard to regain the lost positions above $3 but the bears may not allow it. Therefore, after a notable consolidation for another couple of days, the asset may eventually slide towards the lower support close to $2.
The Tezos price at the time composition is $2.92 with a market capitalization of $2,584,602,320, a drop of nearly 5.35% compared to the previous day’s close. The trading volume also witnessed a huge surge of more than 36%, close to $100 million.
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