TradeCityPro | XTZ: Assessing Tezos' Layer 1 Market Dynamics👋 Welcome to TradeCityPro!
In this analysis, I want to review XTZ for you. This coin is one of the layer 1 cryptos with a market cap of $714 million, ranking 78th on Coin Market Cap.
📅 Daily Timeframe
We are observing a downward trend that began after breaking $1.2 and has continued without any significant corrections.
✨ Currently, the price has broken the support at $0.711 and could move towards its main floor at $0.593. If the price pulls back to $0.711, we can enter a short position targeting $0.593 in lower timeframes.
📉 For the main short position, the primary trigger is $0.593. If this area breaks, we can confirm a major trend change in this coin. Entry into the Oversell zone by the RSI can induce panic and a strong downward momentum in the market, increasing the likelihood of breaking $0.593.
🔼 For a long position and a bullish trend change, we must first wait for the RSI to rise above the 50 area to eliminate the downward momentum and capture the first sign of trend confirmation. For main confirmation, we must wait for the price to create a new bullish structure.
💥 If the upward movement is sharp, the first trigger we have is the break of $0.854. We can also confirm this with Dow theory.
🛒 For buying, the main trigger is $1.793, which is the main peak, and riskier triggers include $0.854, $1.045, and $1.2.
📝 Final Thoughts
This analysis reflects our opinions and is not financial advice.
Share your thoughts in the comments, and don’t forget to share this analysis with your friends! ❤️
