Crypto Technical Analysis

Tezos(XTZ)Technical Analysis: XTZ Flashes Huge Bearish Signal, May Drop Nearly 25% Soon!

Tezos Technical Analysis

Key Takeaways

  • The Tezos price closed the previous day’s trade at $2.973 and a market capitalization of $2.7 billion and a circulating supply of 886,578,091.45 XTZ
  • The XTZ price is displaying a possibility of dropping towards the next immediate support levels which are beneath the current levels by more than 25
  • Despite the plunge, the XTZ price may utilize all its resources to sustain firmly above $2 levels.

Tezos(XTZ)/USDT Technical Analysis at a Glance

The XTZ price began the monthly trade with a bullish note and surged beyond $3.5. However, after consolidating for a couple of days, the asset dropped drastically, swinging within a descending parallel channel. Woefully each attempt of reversing the downtrend is going in vain as the price continues to break through the ascending trend and propel towards the south. Therefore, the asset may form constant lower lows for the next couple of days. 

Short-Term The selling volume has accumulated from the past couple of days leaving no room for the buyers to balance the trembled situation. Hence display extreme bearish signals until the day’s close
Mid-Term Tezos price has gone inversely parabolic and is currently attempting for a flip which appears pretty tough as the bears try to restrict the price under $3. 
Long-Term XTZ price is heading towards the lower levels and hence may slide down towards the lower support somewhere around $2.5 in the next couple of days.

Technical Indicators & Pivot Levels

Technical Indicators

Technical Indicators Value(1Hr / 1D) Action (1Hr / 1D)
Relative Strength Index(RSI) 35.29 / 38.60 Sell / Sell
MACD(12,26) -0.042 / -0.1 Sell / Sell
Average Directional Index(ADX) 30.3 / 38.12 Sell / Sell
Bull-Bear Power -0.065 / -0.64 Sell / Sell

The Tezos price both the time frames are extremely bearish as almost all indicators are pointing towards a ‘sell’ signal. The RSI in both the time frames are heading strongly towards the oversold conditions and hence a flip may be expected. On the other hand, The ADX which indicates the strength of the rally is also bearish pointing towards the weekend rally in STF and also in the HTF. 

The MACD shows a huge accumulated selling volume in both the time frames, but in the short term, the buyers are attempting to strengthen their presence. However, the bears are appearing to be pretty strong in both the time frames, and hence even if the price witnesses a minor surge, maybe nullified within a short period. 

Additional Read: Top Crypto News Today, 7 March 2022

Pivot Levels

Pivot Levels Short-Term Long-term
Moving Average(MA)-50 $3.05 $3.52
Moving Average(MA)-200 $3.27 $5.03
Resistance $3.16 $5.11
Support $2.8 $2.06

The current price of XTZ is very close to the 50-day MA levels and also to the immediate support levels. And hence one wrong move may drag the price close to the support levels and in the worst cases, it may plunge below the levels. On the other hand, if the price flips the downtrend, and achieves the immediate resistance at the 50-day MA, then an uptrend may be ignited. However, the technicals and the patterns are somewhat bearish and hence no significant uptrend may be expected.

Oscillators

Oscillators Short-Term Long-Term
Stochastic Oscillator 25.11 42.5
Ultimate Oscillator 46.11 40.22
Average True Range(ATR) 0.039 0.29
CCI -71.44 -103.36

The Stochastic Oscillator is bearish in both time frames, which indicates the current price is below the average price. Yet the Ultimate Oscillator which considers 3 different MAs to determine the next move is also extremely bearish. However, the asset is less volatile at present, and also the CCI is also bearish which usually identifies the trend change or beginning of the new trend.

Additional Read: MATIC vs XTZ

XTZ /USDT Technical-Analysis for Short-Term

Source: Tradingview

  • The XTZ price is dropping massively, since the beginning of the month and is expected to continue with the downtrend further.
  • The asset is formed a massive cup and handle but in an inverse fashion and hence its extremely bearish 
  • The price is currently very close to the neckline and if in case it flips and sustains then it is a positive outcome or else if it slices through the neckline, then the price may reach out the immediate support levels close to $2
  • Also, the volume regardless of buying or selling is pretty less and hence may be challenged with a little more influx of liquidity. As the price rallying in any direction with less volume, tend to reverse its trend with a little increase in the volume opposite to its current trend

XTZ/USDT Technical Analysis for Long-Term

Source: Tradingview

  • The XTZ price ever since smashed its highs at the beginning of Q4 has maintained a drastic downtrend. 
  • Despite a couple of attempts to flip from the descending trend, the asset got rejected which compelled the price to re-enter the parallel channel
  • However, the price had broken the upper resistance of the channel yet again at the beginning of this month and woefully flipped and is testing the levels again
  • Considering the current trend, the possibility of a retracement appears to be imminent that may test the middle levels yet again, indicating a notable bearish trend

Additional Read: Top 10 DAO tokens

Tezos(XTZ)/USDT Technical-Analysis for Today: 02 March 2022

The XTZ price underwent a notable uptrend during the last few hours of February which was then carried on since the beginning of the month. Despite the asset utilizing all its resources to sustain above $3, woefully the price plunged below these levels during the early trading hours. No doubt the asset is attempting very hard to regain the lost positions above $3 but the bears may not allow it. Therefore, after a notable consolidation for another couple of days, the asset may eventually slide towards the lower support close to $2. 

The Tezos price at the time composition is $2.92 with a market capitalization of $2,584,602,320, a drop of nearly 5.35% compared to the previous day’s close. The trading volume also witnessed a huge surge of more than 36%, close to $100 million. 

Where & How to Buy Tezos(XTZ coin)

Investing in Tezos (XTZ) is very easy in CoinDCX. We offer a wide range of crypto assets with lucrative in-App benefits and features. These features may help you to make better decisions at the right time. To start your journey with CoinDCX, you need to first register. To do so, just follow 3 simple steps,

  • Download the CoinDCX Mobile App
  • Enter your details like Name, Mobile-No, Bank details
  • Once the platform confirms with your details, just fund your wallet and buy your favorite crypto assets

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. In case you have any queries, write to .
The above information represent the independent views of Primestack Pte. Ltd, Neblio Technologies Pvt. Ltd, and/or their affiliate entities and are for informational & educational purposes only. The content, information or data provided above is not an offer, or solicitation of an offer, to invest in, or to buy or sell any interest or shares, virtual digital assets/ crypto products or securities, or to participate in any investment or trading strategy. Any statement or communication made above shall not be treated as a legal, financial, investment or tax advice by the reader. The calculations, data, risk-return formulations, performance or market capitalization indicators captured above are based on the independent data sourcing including collation of public information and/or analysis performed by analysts, advisors or employees of Primestack Pte. Ltd/ Neblio Technologies Pvt. Ltd and/or their affiliate companies and/or any third party. Past performance is not indicative of any future results. The reader(s) are hereby advised to consult their financial/ legal/ tax advisor(s) before making any investment.


 

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