- XTZ bulls have struggled to break above the 50-day SMA.
- MACD shows that market momentum is bullish, despite the rejections.
On October 8, Tezos successfully charted a morning star pattern and rose from $2.063 to $2.40 over the next six days. Following that, XTZ has met heavy rejection at the 50-day SMA and has been on a downtrend ever since and is currently trading for $2.22. If the buyers fail to flip the 50-day SMA ($2.30) from resistance to support, you can expect the price to drop to the $2.06 support line.
XTZ/USD daily chart
Looking into the four-hour chart, one can see that the price has currently lost steam at the $2.25 resistance barrier and is consolidating horizontally above the 100-bar SMA ($2.20). The “Ethereum killer” is now sitting on top of a healthy stack of support levels (100-bar, 50-bar and 200-bar SMAs). The downside is effectively capped off at the 200-bar SMA ($2.18).
XTZ/USD 4-hour chart
The Flipside: Can the bulls take back control?
The XTZ daily chart shows us that the market momentum is still bullish. If the buyers gain enough steam, they can potentially break past the 50-day SMA ($2.30) and aim for the 200-day SMA ($2.70). Another factor that supports this potential bullish outlook is the coin’s social volume. Santiment’s social volume shows a lack of significant spike on the chart, so FUD hasn’t caused the recent price decline.
XTZ social volume
Key price levels to watch
For the bears to stamp their authority on the market, they will need to take the price down to the $2.06 support line. However, the 4-hour chart shows us that the downside could be capped at the 200-bar SMA ($2.18).
The buyers can salvage the issue by quickly flipping the 50-day SMA ($2.30) from resistance to support. This will give them the license to aim for the 200-day SMA ($2.70).
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
US presidential election outcome could shape the future of crypto
US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).
Bitcoin ETFs beat Gold ETFs with 65% gain since launch
Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand
Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF
Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.