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Technical Analysis for XTZUSDT for 16th November 2021

Tezos Dumping, Will XTZUSDT Bulls Plug the Bleeding?

Nomadic Labs has released Octez version 11. As a Tezos software implementation, the new version contains a user-activated protocol override for Mainnet. Through this version, the node is redirected to use the bug-free Hangzhou2 should it be directed to use Hangzhou. Meanwhile, Entrepreneur First has launched a program to support projects seeking to launch on the self-amending protocol.

Past Performance of XTZ

The XTZ token is down roughly 32 percent from October peaks, trading within a bear breakout pattern as clear in the daily chart.

Notable, Tezos sellers appear firm since XTX /USDT prices are within the November 11 bear candlestick.

XTZ prices have been consolidating in the past few days with shrinking trading volumes.

What to Expect of XTZ

Technically, candlestick arrangement skews to favors sellers.

The inability of Tezos bulls to rewind losses of November 10 and critically October 27 is an indicator of weakness, a possible shift in trend after peaks of early October 2021.

Therefore, a drop below $5 and November 10 lows may spark a sell-off towards September 2021 lows of around $4.

Tezos Technical Analysis

The XTZ price is within a bear breakout pattern as buyers are below the middle BB—the 20-day moving average.

Noticeably from the daily chart , the November 10 bear candlestick defines the short-term price action.

As such, a recovery above $6.5 may lift the token towards October 2021 highs of $8.5.

On the flip side, deeper losses below $5 may cause further meltdown towards $4, mirroring losses of October 27 and the follow-through of November 10, cementing sellers.

Resistance level to watch: $6.5

Support level to watch: $5

Disclaimer: Opinions expressed are not investment advice. Do your research.

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