XTZ Technical Analysis: $3 Is A Great Price To Buy
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At the time of writing, there is a consolidation on a weekly timeframe. It is in this consolidation that market participants decide the fate of the global growth trend. The main critical range is $3. It is below this mark that sellers cannot close any weekly candles from January 2022. Given the fact that the trading volume has decreased over the past 4 months, sellers do not have the strength to put pressure on the price.
But, buyers are afraid to start a growth trend. It is at such an indefinite time that there is a chance to buy XTZ cryptocurrency with low risks. If sellers manage to take control of the $3 range, then we do not recommend investing in XTZ. In this case, there is a risk of continuing to fall to $2. However, by taking a risk and buying XTZ in the range of $3, investors will have a chance to catch 50% of the medium-term trade and record a profit near the mark of $4.6.
Technical Analysis Of XTZ On The Daily Timeframe
Analyzing the XTZ price movement on the daily timeframe, you can see a stable consolidation in the form of a triangle. Now the XTZ price is near the bottom line of consolidation. Trading volumes are quite low and buying XTZ at the moment is risky. In our opinion, sellers will make another attempt to locally drop the XTZ price and update the local low from 11 April. If during this promotion the XTZ price does not start to fall sharply and stops in the range of $3, and the trading volumes will grow - it will be a great signal to buy.
The first target where you can capture part of the profits is around $3.9. At this point is the upper trend line of the consolidation triangle. Given the risk of continuing to consolidate within the triangle, there is no point in risking potential profits. It is better to be able to repurchase the XTZ cryptocurrency at the bottom of the consolidation, keeping a fixed profit at the top of the consolidation.
The XTZBTC Price Is Preparing For Provocation
The global stop in the XTZBTC price drop trend in the range of 0.000074 is good news. Though, the maximum passivity of buyers and unsuccessful attempts to organize at least some rebound up indicates the weakness of buyers or about preparation for provocation. Given low trading volumes and the inability of buyers to raise XTZBTC price above the liquidity zone, the decline will continue. But will this be the beginning of a new fall wave?
In our opinion, a provocation is being prepared, the target of which is to force investors to sell XTZ at local lows and go on a trip to the moon without them. Thus, a large buyer on the stop orders of small investors will be able to collect a fairly large position in a short period of time. Therefore, it is better to wait for the realization of this provocation and try to buy with great professional players.