- Tezos price (XTZ) surged 0.23% in the past day and it is currently trading at $0.83.
- Tezos (XTZ) derivatives data states that $9.47K OI has been created on the long side against $0.001K OI on the short side over the past 24 hours.
Tezos (XTZ) is a smart contract blockchain that can upgrade itself without hard forks. This avoids the problems that Bitcoin and Ethereum have faced. XTZ holders can vote on how to improve Tezos based on developers’ suggestions.
Tezos’ price is currently trading at $0.83 with an increment of 0.23% in the past 24 hours. According to CoinMarketCap data, XTZ crypto holds a total market cap of $788.45 Million and ranks 51st in the crypto market.
It received $17.5 Million in volume in the past 24 hours which is 7.49% less than the previous day. It has over 945.6 Million in circulating supply. The volume-to-market cap ratio of XTZ coin is 2.32% which indicates low volatility in the market.
Tezos Price Prediction Using Price Action Strategy
Tezos (XTZ) price prediction reveals that the coin showed a 30% drop after consolidating. However, Tezos coin price bounced from the demand zone at $0.69 and tried to recover.
The price surged by 25% but failed to break above the recent swing high. Thereafter, the price fell by 10% and the price is recovering by forming higher lows and following a channel pattern in the daily Tezos (XTZ) coin chart.
Source: XTZ/USD By TradingView
The daily Tezos chart reveals that the XTZ coin seems to be recovering the declination by forming higher lows. However, the recovery lacks momentum which shows that the price might be taking a pullback.
The price is forming an ascending broadening wedge pattern which is a bearish chart pattern. Also, the volume received is lower than the average volume which further confirms the chances of a pullback before the trend continues. However, once the price remains in the channel it is clear.
If the Tezos coin breaks below the trendline, then the sellers may try to dominate the market and drag the price to the previous demand zone at $4.65.
Indicator Analysis
As per the EMA analysis, the XTZ price is stuck between 20 and 50 EMA. The price suffered a rejection from 100 EMA and is currently trying to break above 50 EMA. It shows the short-term participation of buyers in the market.
At the time of publishing, the RSI value of the Tezos coin is 51.23 and that of the SMA line is 54.34. RSI is taking support from SMA and headed upwards, showing the short-term bullish to neutral sentiment in the market.
MACD lines are about to make a bearish crossover. Additionally, histogram bars are being formed above the mean line but the height is decreasing which indicates a short-term bearish to neutral sentiment.
Conclusion
Tezos price prediction concludes that the price seemed to be in a short-term correction phase after forming a new swing low. The XTZ price is taking a pullback and forming an ascending broadening wedge pattern. The volume analysis shows that the volume received is below the average volume which shows weak hand participation in buying. If the price breaks the wedge pattern, it may try to continue its long-term trend and may slide again.
Technical Levels
- The support levels of the XTZ coin at $0.69 and $0.51.
- The resistance levels of the XTZ coin at $0.93 and $1.03.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
