XTZ Technical Analysis: With Small Price Movements Watch First Fibonacci Pivot Support Level of $2.82

Tezos is a blockchain-based platform for the creation of innovative decentralized apps. Smart contract security, easy upgradability, high scalability, and open participation are striking features of this network. XTZ is the in-house token of this ecosystem. Let us look at the technical analysis of XTZ.

Past Performance

On Jul 24, 2021, XTZ opened at $2.69. On Jul 30, 2021, XTZ closed at $2.97. Thus, in the past week, the XTZ price has increased by roughly 10%. In the last 24 hours, XTZ has traded between $2.77-$3.01.

https://platoblockchain.com/wp-content/uploads/2021/07/xtz-technical-analysis-with-small-price-movements-watch-first-fibonacci-pivot-support-level-of-2-82.png

Day-Ahead and Tomorrow

Currently, XTZ is trading at $2.98. The price has increased from the day’s opening price of $2.97. Thus, the market seems bullish.

The MACD and signal lines are turning negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is turning bearish. Hence, we can expect the price to go down further.

Currently, the RSI indicator is at 36%. It faced rejection at 39% and fell to the current level. Hence, selling pressures are high. High selling activity will exert downward pressure on the XTZ price.

However, the OBV indicator is upward sloping. Thus, buying volumes are higher than selling volumes. Hence, the price may rise further.

In a nutshell, the OBV indicator has given positive signals, while the MACD and RSI indicators have given negative signals. Thus, intermittent price rises may occur amidst an overall bearish trend. We have to wait and watch if the price rises are market corrective action or the beginning of a trend reversal.

Its adoption in comparison to ETH for dapps and smart contracts will determine its price movements in the future.

XTZ Technical Analysis

Currently, the price is above the Fibonacci pivot point of $2.92. The price may soon fall below it and further below the first Fibonacci pivot support level of $2.82. After that, we have to wait and watch if the price continues to fall or starts rising.

The price has tested and risen above the 23.6% FIB retracement level of $2.95. It may break out of the 23.6% FIB extension level of $3.07 as well. If the price retests and falls below these levels in a few hours, the price downtrend is strong enough to sustain till tomorrow.