Hey Guys..!!
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.
Alright, let's get straight into the discussion, Happy reading!!
Tezos (XTZ) Analysis
Today, October 18, 2023, I will try to technically analyze the price movement of Tezos.
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.
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.
This is confirmed by the EMA Indicator with a Death Cross occurring between the 100 EMA and 200 EMA.
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.
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.
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