Press "Enter" to skip to content

Price Analysis of XTZ: Not sure which path to take

Cryptocurrency

The Ethereum -like blockchain- Tezos’ native token- XTZ ranks 19 according to the Coinmarketcap. The price of the token at the press time was $1.19 with a market cap of  $782 million. The 24-hour trading volume of the token was around $23.417 million. Coinbase held the first position for trading about $13.484 million of XTZ via the XTZ / USD pair.

2 Hour Chart

Source: XTZ / USD TradingView

The short term chart exhibited a major uptrend extending from $0.934 to $1.185 and a downtrend extending from $1.295 to $10237. The resistance was at $1.1962 and the support was held at $0.8631.

The Bollinger Bands after traveling parallel for quite some time had begun to slowly diverge indicating that the coins were increasing its volatility.

The Awesome Oscillator showed that the coin was entering the bearish market with great momentum.

Relative Strength Index: The line was slightly below the 50-line indicating a bit of higher selling pressure in the market pushing the coin to a bearish market.

1 Day Chart

Source: XTZ / USD TradingView

The long term chart exhibited a downtrend extending from $1.6902 to $1.3007 and an uptrend from $0.8305 to $0.9743. The resistance was at $1.1682 and the support was held at $0.8272.

Parabolic SAR: The dotted line below the candlesticks was going up hinting that the coin was under the bullish market.

Chaikin Money Flow: The CMF line was above the zero line indicating that the inflow of the capital was quite higher than the outflow putting the coin in the bullish market.

The MACD line was clearly swaying above the signal line suggesting that the coin was under a bullish trend.

Conclusion

The short term charts’ indicators suggest that the coin was under the bearish influence while the long term charts’ indicators suggest that the coin was under a bullish influence.

Disclaimer - OBN is an informational website which aims to give the latest blockchain related news to the readers. Articles on OBN should not be considered as investment advice. Trading cryptocurrencies is a high-risk investment, every user is advised to consult an expert before making any decisions.