Tezos (XTZ) Bulls Get Suppressed by Downward Forces

The price of Tezos ramped during today’s trading. However, as expected, such a rapid surge instantaneously triggered headwinds. Consequently, this has forced prices back below the $0.700 price level. Can buyers defy this to extend the upside correction?

Tezos Statistics:
XTZ Value Now: $0.688
XTZ Market Cap: $658,853,627
Tezos Circulating Supply: 955,643,044
Tezos Total Supply: 976,664,366
XTZ CoinMarketCap Ranking: 50

Major Price Levels:
Top: $0.688, $0.720, and $0.800
Base: $0.650, $0.600, and $0.550

Tezos Price Action Is Clinging To Previous Gains

Price activity in the Tezos daily market has experienced a significant price downward correction following the instantaneous price surge experienced in today’s trading session. One can easily observe the long upper shadow on the last price candle, which represents today’s trading session. This revealed the magnitude of the downward correction that has been experienced in this market. Nevertheless, XTZ continues to trade above the 50-day Moving Average (MA) curve.

Likewise, the Moving Average Convergence Divergence MACD indicator curves can be seen continuing towards the equilibrium level from below the 0.00 mark after these lines have avoided a bearish crossover. Consequently, signs here suggest that price action may attempt to recoup recorded losses in today’s trading session.

XTZ Is Fighting Hard To Stay Above the 50-day MA Line

At this point, the Tezos 4-hour market is portraying a struggle between upside and downward forces. Although the ongoing session is showing that sellers are leading, one can notice that the price of this token has increased from $0.688 to $0.690. Consequently, this reveals that bulls are still exerting some positive influence in this market.

Also, since this token continues to trade above the MA line, bulls may still have some advantages against headwinds. Furthermore, although the bars of the MACD indicator are now pale green, one can see that the curves of this indicator continue to rise upwards above the equilibrium level. Technically, all these are suggesting that price action may gather traction, subsequently propelling the XTZ to trade above the $0.750 mark shortly.

Buy XTZ on eToro