After weeks of waiting and excitement, cryptocurrency XTZ gives a first positive short-term signal. However, steps still need to be validated in the medium term. To analyze.
XTZ – Weekly Chart: Tenkan as the worst enemy
Since December 2021, XTZ is blocked by the weekly Tenkan. And right now this Tenkan continues to push prices down. Although these have found support the previous high in 2019, a compression around this zone is observable. Shaped descending triangleenter here Tenkan and medium term support. However, some signs remain positive.
First the indicator MACD keep talkinggo upwhich shows that the sales force is decreasing support for $1.39. The indicator ECtHR confirming this decrease in strength of the downtrend. With a ADX WHO diminishes and loses strength.
To give a real mid-term reversal signal, it will be necessary to break Tenkan and the falling trend line, at $1.53. It will only be then XTZ will send a really positive message to market.
XTZ – Daily Chart: Jump in the short term
After days of risk, with prices on the border break support in the medium term, XTZ was able to return and give a first bullish alarm signal.
with one in particular outbreak of the daily Kijun. This movement allowed prices to test the bottom of the cloud and the descending trend line. It is good to note that Delayed span remains blocked by the prices, this one cannot confirm the reversal signal as long as it doesn’t get out of that area. Either an exit above the $1.47 area.
Also the indicator ECtHR shows a real loss of downtrend strength, with a diver ADX. Also The +DI line crosses over the -DI line, which gives a first positive signal in this complex situation. Specifically for as long prices do not break the $1.52 zoneit will be expected strong resistance from sellers. These won’t let go as long as larger resistors don’t break.
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