Tezos (XTZ) has been trading in a downtrend with consecutive lower lows in recent weeks, reaching a 52-week low as the broader market experienced a downturn. However, in a recent session, XTZ saw a rebound of over 15%, forming a hammer candlestick near its lower trendline support at $0.620. The coin has fallen below key moving averages and the $1 mark, indicating a potential trend reversal if buyers regain control.
Currently trading at $0.723 with a 5.36% intraday surge, Tezos has a monthly return ratio of -23.30% and a yearly return ratio of -12.20%, suggesting a short-term correction. The XTZ/BTC pair is at 0.0000128BTC with a market cap of $715.02 million, and analysts believe the price may see a breakout from a falling wedge pattern and potentially reach the $1 mark.
Tezos has been trading within a falling wedge pattern, signaling a potential reversal in the near future. The RSI curve is in oversold territory, indicating a possible rebound, while the Bollinger bands are squeezed, suggesting a major move is imminent. Price volatility has experienced a significant rise, indicating anticipation for a big move in upcoming sessions.
Futures data shows that buyers have started accumulating and entering fresh long positions, with open interest dropping by 4.30% to $11.28 million, indicating short covering in the past 24 hours. The key support levels for Tezos are $1.80 and $1.30, with resistance at $2.40 and $3. However, the token’s price remains below key moving averages, requiring a breakout above $0.800 for buyers to regain control.
Although Tezos (XTZ) has shown signs of a potential reversal, investors are advised to conduct thorough research before making any financial decisions. This article serves as informational content and does not provide financial advice. It is essential to consider the risks involved in cryptocurrency investments and to consult with a financial advisor before engaging in trading or investing.
