Meet again with me Wahyu Nahrul, This time I want to make a brief technical analysis of a cryptocurrency chart, the analysis I made is based on my experience and knowledge.

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Alright, let's get straight into the discussion, Happy reading!!

Tezos (XTZ) Analysis

Today, May 06, 2023, I will try to technically analyze the price movement of Tezos.

SOURCE: TradingView

If we look at the price movement of XTZ in general, we can see that XTZ is in a very deep bearish phase. We can see this in the XTZ price movement pattern in the chart above where the candlestick tends to move downwards if we look closely.

SOURCE: TradingView

The chart above shows that the current bearish trend in the XTZ/USD market will continue for the next few days or maybe months because the XTZ price has broken through the Support Level at $2.851.

SOURCE: TradingView

This is confirmed by the EMA Indicator with a Death Cross occurring between the 100 EMA and 200 EMA.

SOURCE: TradingView

Then the ADX indicator also shows a cross between the DI+ and DI- lines, indicating a signal to change the direction of the trend from bullish to bearish.

SOURCE: TradingView

But if we look based on the RSI indicator, there is no sign of a Bearish Phase where we can see in the chart above that the current moment is still stable where the RSI line is still moving in the Middle Band.

Disclaimer: