- The RSI line shows a significant drop in its value concerning the XTZ coin price
- The XTZ/BTC pair was trading at 0.0001138 BTC, with a loss of 1.08%
- The XTZ coin’s 24-hour trading volume is $310.9 Million, indicating a 16.7% loss
As mentioned in my previous article on Tezos, the XTZ coin provided a fakeout from the cup and handle and plunged below the $7.5 neckline. The coin price is currently trying to sustain above a minor support level of $6.8. Furthermore, the technical chart also shows an upcoming ascending trendline, which could support this coin.
Concerning the EMAs, XTZ coin prices trade higher than the EMAs, 50, 100, and 200, projecting a bullish trend in its chart. Moreover, the coin price has dropped below the 20 EMA line.
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The RSI value of 50 indicates a neutral sentiment within the XTZ coin.
The XTZ Coin Respecting The Levels Of Its Descending Trendline
The XTZ coin indicates a minor retracement phase in its chart. It seems the coin is respecting the level of a new descending trendline, guiding the coin to the lower levels. The crypto traders can use this trendline to get an early sign for a bullish reversal. The current price of the XTZ coin is $6.9, with an intraday gain of 1.31%
The Super trend indicator projects a downtrend in the 4hr time frame chart.
The moving average convergence/divergence(MACD) indicator shows the MACD and signal lines are moving below the neutral zone (0.00), indicating the bearish momentum in the coin.
Conclusion: From a technical perspective, the XTZ coin’s overall trend is bullish and will remain the same until the price sustains above the support trendline. However, as mentioned above, after the fakeout of $7.5 resistance, the coin price has entered a retracement phase. Thus, the crypto traders can wait till the ascending trendline is intact before building up bearish sentiment.
Support: $6.8
Resistance – $7.5