- XTZ token shows a mild bearish cues on the daily chart.
- Bulls are likely to initiate the accumulation phase.
Tezos price is slipping below the ideal support mark of $1.00 showing weaker remarks based on price action. The ongoing trend favors the bears, who continue to show their mighty muscles.
If the bearish sensation persists, the XTZ token may punch the primary support level of $0.800. The sellers will exert much effort into getting the coin to pitch in their rage and setting towards the primary support of $0.800 and below till $0.600 is the vital support area.
XTZ token was under the hands of sellers, and the token was under the congestion zone and was noted hovering inside the corrective phase. XTZ token traded below the significant moving averages and showed correction in the past trading sessions.
When writing, the XTZ token is trading at $0.880 with an intraday decline of 0.78% showing lower participation of bulls. Moreover, the trading volume also showed a decent upside of 2.44% with lower investor interest. However, a short buildup continued from the mighty bears resulting in a price downtrend.
Daily Chart Formation of XTZ
On the daily charts, the XTZ token was corrected from the supply range of $1.500 and showed a down move which slipped below the support mark of $1.000 and hovered near $0.880.
Moreover, the fib levels indicate that the token is near the 23.6% mark and take a pause, and if it succeeds in the rebound, then a sharp bounce toward the 20-day EMA can be seen. The essential MA is near $1.00, which will be retested soon.
However, the token is near the lower Bollinger band and trying to sustain the recent support horizons. The ongoing trend needs a pullback before any further down move or retracement.
What Technical Indicator Says?
On the 4-hour chart, the XTZ token shows a rebound but stayed in a narrow range consolidation phase hovering below $1.000. Moreover, the token stayed in a congestion zone and was willing to fetch higher marks.
The RSI shows a slip in the ongoing pullback, and a negative crossover was noted below the neutral mark of 50. The divergence indicated that any bounce if it happens, was called a fake move; investors have to watch the levels precisely before any fresh positions.
The MACD indicator was noted with a bullish crossover in the past sessions, but recently the move has come to an end, and soon, the trend will revert toward support.
Conclusion:
XTZ token is now shivering the gains below the support mark of $1.000, and the bulls are now hopeless before any breakout above the neckline of the symmetrical triangle pattern.
Technical Levels
Support Levels: $0.800
Resistance Levels:$1.00 and $1.20
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 assets comes with a risk of financial loss.