- The XTZ price is again at a downtrend after the recovery of 3 days. The bulls need to support the coin.
- Technical indicators suggest a trend reversal.
- TheXTZ/BTC pair is at 0.00006432 BTC with a gain of 0.5% in it.
Tezos is a blockchain network that’s based on smart contracts, in a way that’s not too dissimilar to Ethereum. Tezos has a unique twist on this process. Participants can get involved with the network’s governance through “baking,” where they effectively stake 8,000 XTZ.
The XTZ price is again at a downtrend after the recovery of 3 days. The bears scattered the bulls and again pushed the price back to place from where the bulls carried it. The coin needs to attract buyers once again to push the price and needs to do it soon as if once the price lost its crucial support of $1 then it will be very difficult for the coin to recover. The price is moving below the exponential moving average.
The price for one XTZ token is trading at $1.91 with a loss of 1.32% in its market capitalization in the last 24 hrs. The coin has a volume of 53 million with a loss of 2.93% in the 24 hrs trading session and a market cap of 1.7 billion which is currently at a loss of 1.78%. The volume market cap ratio is 0.03142
Short term Analysis
Analyzing the graph for a short term (4 hrs) we can observe the same downtrend.
The technical indicators like MACD and RSI also indicate a bearish rally currently. But there are chances of a bull as the indicators are showing a turning point.
The MACD Line is moving below the MACD signal line with the red histograms getting shorter, maybe an initiating point for bullish movement.
Same with the relative strength index, it is continuously moving to the upward region indicating an increase in buying. The value for RSI is nearly equal to 45.
Technical levels
Resistance levels: $2.2 and $2.50
Support levels: $1.75 and $1.50
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
ALSO READ: XTZ Price Analysis: Momentum sways towards the Tezos bears
Source: https://www.thecoinrepublic.com/2022/06/05/tezos-price-analysis-chances-of-a-trend-reversal-the-xtz-bulls-are-coming-forward/