Technical Analysis for XTZUSD for 25th October 2021
Tezos Under Pressure, will XTZ Prices Hold above $6 to Validate the Uptrend?
Past Performance of XTZ
After bottoming up in late July, Tezos prices tripled before peaking in October 2021.
Presently, XTZ/USDT prices are pulling back, retesting the primary support trend line.
According to CryptoAltum price feeds, XTZ is stable on the last day, shedding three percent versus the USD.
What to Expect of XTZ
From a top-down approach, Tezos buyers have the upper hand per price action in the daily chart.
Even so, in the short term, XTZ sellers are in control, forcing prices down.
XTZ buyers haven't successfully tamed the draw-down, flipping price action in favor of sellers in the short term.
A close below $6 may force the coin to $4.5.
However, if Tezos buyers flow back and force prices above the middle BB, the coin could recover, racing back to $8.5.
Tezos Technical Analysis
Buyers are in command visible in higher time frames. In the short term, the failure of buyers to slow down sellers may extend losses from early October.
As per the candlestick arrangement in the daily chart, the immediate support line is $6, and the multi-week support trend line.
A dip below this mark may see XTZ/USDT slide to $4.5 in continuation of October 2021 losses. The bear target flashes with the 61.8 percent Fibonacci retracement level of the Q3 2021 trade range.
Conversely, there will be reprieve if Tezos flows back, thrusting the coin above last week's highs of around $7. This may be the basis for a rally to October 2021 highs of $8.5.
Resistance level to watch: $7
Support level to watch: $6
Disclaimer: Opinions expressed are not investment advice. Do your research.
This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.
CryptoAltum does not accept any clients under the age of 18.