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- The Tezos coin is sideways into the box pattern.
- Buyers are managing the XTZ crypto price above $1.4 support level.
- Trading volume dropped 22% overnight, at $21 Million.
Tezos coin is trading sideways over the daily price chart. For the past several days, XTZ crypto has been observing a box pattern this week and it seems that traders have gone from the market. Daily price candles suggest extreme sideways territory. This sideways trend may expand ahead.
Market is now going to figure out the next step ahead in just a few sessions. Most probably bears may dominate the price because price candles show red candles as well as market leader BTC also stays below the $20K at the time. Meanwhile, the XTZ coin against the USDT pair is trading at $1.4 mark with sideways momentum at press time.
Due to weak momentum, trading volume also decreased, in fact, last night it reached $21 Million along with a 22% drop. Also the price action of Tezos crypto draws lower-high formation over daily price scale. Impact can be seen on the Bitcoin pair, Tezos along with Bitcoin is down 0.9% at 0.0000738 Satoshis.
Buyers Struggle at 20-DMA
All vital moving averages are moving above the current price of Tezos coin and 20-DMA acts as an immediate bullish hurdle. RSI slips below the semi-line, showing negative indication. Furthermore, MACD seems to be flat into the negative region.
Conclusion
Tezos crypto resists the 20 day moving average during the sideways trend. In contrast, bulls also try to manage the $1.4-support level to avoid bloodbath ahead. If Tezos coin slips below immediate support, the 2022 bottom is likely to revest again.
Resistance level- $1.4 and $1.0
Support level- $2.0 and $2.5
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.