TEZOS Coin Price Analysis: XTZ Undergoes Consolidation After The 35% Boost Due To The Double Bottom Breakout
- XTZ coin price boosted 35% before undergoing a consolidation between 0.382 and 0.236 Fibonacci levels
- As of now, the coin price is trading above major 50 and 200 EMA in the daily timeframe
- The XTZ/BTC pair is trading at 0.00009903 with an intraday gain of 1.1%
XTZ token price faced rejection resulting in a more than 40% fall before taking support from the trendline and the 0.5 Fibonacci level, i.e., $0.14. The coin price made a morning star pattern at the support trendline, implying that the bulls are ready to overtake the charge. However, the declining volume in the daily timeframe led to the consolidation of the coin price. The live XTZ price today is $5.84, with a 24-hour trading volume of $158,220,710. XTZ coin price is up 5.75% in the last 24 hours. The live market capitalization of the coin is $4,486,458,080.
Support Trendline expected to drive Uptrend
XTZ token price, ever since, finding demand near the support trendline and the breakout of the double bottom pattern in the 4-hour timeframe has been slightly rising higher but in a consolidated manner which is expected to break out soon. The token price has faced resistance from the $6.45 level many times before making it an important resistance level. The support level of $4.73 is the immediate support level, whereas the immediate resistance level after the $6.45.
In the 4-hour timeframe, the 50 (yellow) recently crossed over the 200 (white) EMA indicates an uptrend, and the crossover has rejected the previous bearish crossover observed.
The RSI (slightly Bullish) indicates slight bullish momentum while trading at 60. The RSI line is sloping up and is now heading deeper into the oversold zone. However, RSI is expected to reverse soon.
The ADX indicates a static momentum as it is trading at 16 while the slope in ADX is dipping.
Conclusion – XTZ coin price is consolidating but slightly increasing with the help of support trendline in the 4-hour timeframe. The coin price constantly supported by the 50 EMA increases the chances of price rising higher.
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