- The RSI line shows a significant divergence concerning the XTZ coin price
- The XTZ/BTC pair was trading at 0.0001274 BTC, with a loss of 7.52%
- The XTZ coin’s 24-hour trading volume is $497.8 Million, indicating a 20.34% loss
On October 3rd, the XTZ revealed an excellent long opportunity for crypto traders when its price gave a deceive breakout from the $7.5 neckline of a Cup and Handle pattern. Later the price reverted to retest this level; however, the coin couldn’t hold above the $7.5 mark and was soon dumped below it.
Regarding the EMAs, XTZ coin prices trade higher than the EMAs 20, 50, 100, and 200, projecting a bullish alignment in its chart. Moreover, the coin price is obtaining good support from the 20 EMA.
The RSI value of 57 indicates a bullish trend within the XTZ coin. However, the RSI chart shows bearish divergence with the price, suggesting weakness on the bull side.
The XTZ Coin Chart Shows An Upcoming Descending Trendline.
After the XTZ coin provided a fakeout from the $7.5 resistance, the coin price would be preparing to move even lower. The chart displays a new descending trendline acting as dynamic resistance to the price. The coin has already respected this resistance twice, and crypto traders can grab some short sniper trade with its help. The current price of the XTZ coin is $7.27, with an intraday gain of 4.27%
The Super trend indicator projects a swift from an uptrend to a downtrend in the 4hr time frame chart.
Conclusion: From a technical perspective, XTZ coin’s overall trend is still bullish. However, as mentioned above, the coin price has given a fakeout from a significant resistance level of $7.5 and currently indicates another short retracement for the coin. The long trades can mark the important support level below to decide how much pullback they can handle.
Support: $6.8
Resistance – $7.5