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We are here yet again to enlighten you with predictions from the Crypto community!!
And today we present to you a technical analysis video on the XTZ Token!
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The live XTZ token price today is $3.75 with an intraday trading volume of $193,241,799. The coin price is up by 6.40% in the last 24 hours. With a live market cap of $3.26 Billion, the protocol remains in the Top 50 crypto list.
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The XTZ coin price shows dramatic growth of more than 30% in the past with the series of bullish candles reaching the $3.75 mark. The growth brings a V-shaped recovery for the token as the chart shows a downfall of 35% in the previous week. That is how the price action completes a rounding bottom pattern in the daily chart.
Let’s have a deepened insight into technical analysis of XTZ token and see what the indicators have to say about it.
The XTZ coin price action hints at the bullish breakout of the rounding bottom pattern in the daily chart. However, the neckline near $4 remains a supply-rich area that will prove difficult to overcome.
The crucial Exponential Moving averages maintain a bearish alignment as the 100-day EMA crosses below the 200-day EMA. Moreover, the 50-day EMA waits slightly above the $4 mark that can halt the post-breakout bull run.
The MACD indicator shows a rise in the fast line as it gives a bullish crossover with the signal line below the zero mark. Moreover, the rising trend of bullish histograms indicates a growing uptrend.
The RSI indicator shows a growth in the underlying bullishness as the slope spikes above the 14-day average and the 50% line. However, the slope goes sideways under saturation above the central line.
Therefore, the technical indicators reflect a jump in underlying bullishness and tease a bullish breakout of the rounding bottom.
The XTZ coin price might soon give a bullish breakout of the rounding bottom pattern with the breakout of $4. However, the supply-rich area can be hard to overcome, therefore, traders must wait for the price action confirmation.
The breakout can find resistance near the 50-day EMA and the $4.5 mark above the $4 mark. However, the failure to rise can lead to a reversal to $3.5 and $3.
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