Tezos Price Analysis – XTZ/USD

The 23rd largest cryptocurrency – Tezos having its market cap stands at the level of $253,839,807, 11:03 UTC on December 18 has plunged by 71.9% in Current value relative to the level of October 16 as analyzed from the graph above. However, the major dramatic scenario has been observed from the graph above is that the current price soared high by 22.49% than December 06. The major caused for the decline in current value relative to October 16 due to the strong bearish pressure and macro factors which makes it the lowest of the low of the day before exhaustion set in.

Since both moving averages have significantly declined to represent a negative sign. While the 20-day EMA shows that the bears have the upper hands as the XTZ remains in a bearish trend in its medium-term outlook until the next “uptrend” takes place. Since no bullish patterns that suggest a buy, hence, it is best to remain on the sidelines. Traders should wait for the trend to rebound and a bottom to form before executing any long positions in it. The 20-day EMA is sloping down which shows that the balance is tilted in favor of sellers. Amid this, the others, who believe in the story of blockchain and cryptocurrencies, the current fall offers an excellent opportunity to invest for the long term.

Now let me walk you through certain milestone that this cryptocurrency attained in the recent past as the XTZ remained range bound from October 12 to October 16 this year, as the cryptocurrency rallied from a low of $1.2283 to a high of $1.57 which is a 28.68 percent return within four days.

Besides this, the XTZ/USD pair stayed in the stable range until November 12, since then the ‘descending channel’ represents the fact that how the current scenario experienced ‘downtrend’ in value.

Let us not forget that even though the moving averages continue to fall, the 14-day RSI has been forming a “positive divergence” for the past few days. This is a bullish sign.

If bulls succeed in rising and sustaining above the current resistance level of $0.42 and create “uptrend” in value (i.e. traded above the EMA), the investors will start buying this currency more and more thereby increasing its value. However, based on the current trend, the next support level could be $0.46.

The post Tezos (XTZ): Price Analysis, Dec. 18 appeared first on CryptoNewsZ.