Tezos or XTZ is flashing a buy signal on the charts. The bigger cryptos like Bitcoin and ETH are in a slight downtrend and XTZ can be a good short-term trading opportunity.
Price is in a downtrend. It broke below $0.90 key level and made a new Lower Low, also a sign of downtrend. After bouncing off of $0.62 support, it’s approaching $0.80 resistance.
If it breaks out of Falling Wedge and above that $0.80 resistance, it could signal trend reversal and revisit $0.90 or even $1.00.
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XTZ Coin Price Analysis
Price: $0.78
Market Cap: $1.24 billion
24-Hour Trading Volume: $45.8 million
Circulating Supply: 977,621,108 XTZ
Total Supply: Uncapped, with an annual increase rate of about 4.5%
Falling Wedge Usually results in a bullish breakout. When price breaks the upper trend line the price is expected to trend higher.
Emerging patterns (before a breakout occurs) can be traded by swing traders between the convergence lines; however, most traders should wait for a completed pattern with a breakout and then place a BUY order.
Weekly Price Analysis
Weekly High: $1.35
Weekly Low: $1.22
Overall Trend: The price of Tezos (XTZ) has been relatively stable over the past week, showing slight fluctuations but maintaining a consistent range between $1.22 and $1.35.
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Trend: Short-term trend is Neutral, Medium-term trend is Strong Down and Long-term trend is Strong Down.
Momentum: Price is neither overbought nor oversold currently, based on RSI-14 levels (RSI > 30 and RSI < 70).
Support and Resistance: Nearest Support Zone is $0.62. Nearest Resistance Zone is $0.80, then $0.90.
News Roundup
Tezos Network Upgrade: Tezos has implemented a new network upgrade aimed at improving transaction speeds and reducing fees. This upgrade is part of Tezos’ on-chain governance model, allowing stakeholders to vote on and implement changes.
Partnership Announcements: Tezos has announced new partnerships with several blockchain projects.
Staking Developments: Major exchanges like Binance and Coinbase continue to support Tezos staking.
Indicators
Relative Strength Index (RSI): 48, indicating a neutral position.
Moving Average Convergence Divergence (MACD): Slight bullish divergence.
Trading Volume: The trading volume has seen a slight increase.
This comprehensive analysis highlights the current state of XTZ, providing insights into its price dynamics, recent developments, and potential future movements.
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