XTZ — Current Status
Tezos Experiencing Bearish Weather, Yet Glimpses of Hope of Rebound Are Noticed
Tezos (XTZ) is currently trading at 0.86 USD, with a change of 0.3 in 24 hours. The overall status of the token is bearish, but hints of a potential rebound can be noticed by analyzing the token’s charts. XTZ is about to hit a significant support level at 0.7981, hinting there might be a possible recovery soon.
Analyzed Period
Daily Chart
Forecast Short-Term
Bearish
Forecast Long-Term
Bullish
Technical Indicators: Trends Show XTZ Heading South
Overview
Moving Average
Strong Down
RSI
Neutral
MACD
Bullish
Details
An analysis of the token’s trends reveals that the short-term trend is strong downwards, with the Simple Moving Average (SMA) medium and large terms also indicating a bearish outlook.
While the Relative Strength Index (RSI) stands correlated to neutral, the Moving Average Convergence Divergence (MACD) is bullish, while the Momentum (MOM) indicator is bearish. Much the same, the oscillator is positioned bearishly, and the Average Directional Index (ADX) remains neutral.
Chart
XTZ — Outlook
Considering all these, a potentially bearish outlook is expected in the short term for XTZ, with a 6-7% loss being a realistic demand. Yet, the token can rebound after it reaches the 0.7981 support level, although this can not be guaranteed.
About — Tezos (XTZ)
Tezos is a unique cryptocurrency for its security, scalability, and self-evolving platform. It facilitates developers to create futuristic Blockchain-based applications and smart contracts. The native token, XTZ, is used for gas, staking, and baking tokens.
Wrap-Up
Tezos (XTZ) is currently trading at 0.86 USD, with a change of 0.3 in 24 hours and the overall sentiment indicating a downslide. However, a potential rebound is indicated, with a 6-7% loss estimated until XTZ matches the significant support level at 0.7981. Technically, trends don’t look suitable for XTZ, yet the bullish sentiment of the MACD could potentially lead to a rebound. In any case, XTZ is an innovative and secure platform for developers to create futuristic Blockchain-based applications and smart contracts using its native token XTZ for gas, staking, and baking tokens.