- XTZ Token price approaches the crucial support trendline near the $6.5 mark.
- The loss in trading volume is evident by the fall below the 20 days MA.
- The pair of XTZ/BTC is trading at 0.0001051 BTC with an intraday fall of -6.95%.
XTZ Token price action projects the fall within the rising channel in the daily chart. Hence, the price approaches the support trendline with increasingly bearish candlesticks.
The volume is falling dramatically in the daily chart, compared to the last few days. As a result, the volume is below the 20 days MA.
XTZ Token trades at $6.51 and has seen a 5.26% decrease in market capitalization over 24 hours. In addition, the intraday trading volume has increased 75% in the last day, indicating that buyers are increasing in numbers.
XTZ Token In The 4-Hour Chart
XTZ token price action forms the opposite of the daily chart in the 4-hour chart. The price trends lower into a descending triangle. Hence, it indicates a growing underlying bearishness.
According to pivot points analysis, resistance levels for the token is at $10 after the $8 mark. If the price breaks below the support trendline, sellers might find resistance at $6 and $4.
The 4-hour chart shows that the XTZ coin price is lower than all the EMAs. Therefore, these EMAs can act as resistance levels. Therefore, it will help to maintain the underlying bearishness.
The RSI indicator predicts a dramatic rise in the underlying bearishness as the slope falls towards the oversold area.
The ADX indicator indicates a rising trend which suggests that there is significant potential for underlying momentum.
Conclusion: XTZ Coin’s future trend is becoming extremely bearish from a technical perspective. The technical indicators combined with increased selling pressure suggest a start of the downtrend.
Support – $6 or $4
Resistance – $8 and $10