XTZ Technical Analysis: We Should Expect Fixing Above $1.45
Table of contents
What do we have at the moment? The price of XTZ stopped in a powerful liquidity zone, which had twice saved buyers. The first consolidation above this range took place in March 2020, during the triumphant fall of BTC. That is, investors who bought cryptocurrency in 2020 have now lost all their profits. This is a thesis to consider, is it worth keeping a cryptocurrency for more than six months? Given that the fall wave without corrections from April 2022 is still unbelievable that sellers will be able to break the $1.45 mark.
At the moment the process of ramming the bottom is underway. During this time, buyers buy the entire offer of sellers at local lows and prepare the market for the beginning of a new wave of growth. However, so far there are no signals for the purchase of XTZ on the weekly timeframe. May 2022 turned out to be no better than 2021. So now there is no hurry and wait for the month to close.
Technical Analysis Of XTZ On The Daily Timeframe
Analyzing the XTZ price movement on the daily timeframe, you can see the desire of sellers to once again check the range of $1.45 for strength. Starting from 13 May, trading volumes in the XTZ market fell to average. Therefore, if buyers do not show their interest in the range of $1.45 and the trading volumes do not increase - buying XTZ even for a local rebound to $2.15 is dangerous.
In general, we do not see signals for a sharp reversal of XTZ. If the mark of $1.45 persists, we expect the formation of consolidation and gaining position in the XTZ market during June 2022. Updating the local low and fixing the price of XTZ below $1.45 will drive the market into a protracted depression. In this case, you should forget about trading for a while and let the price find its bottom.
Price XTZBTC Paints A Deplorable Prospect
What is really scary is the weekly price chart of XTZBTC. Sellers can be congratulated on updating the historical low. It happened at low volumes. The fact that buyers are not interested in buying XTZBTC at historical lows suggests the prospect of continuing to fall to 0.000042. This mark shows the bottom trend line, which sellers have been testing since 2018. Therefore, having corrected to the worst-case scenario, it is worth waiting for the XTZ price to continue to fall by another 20%. But, if in the process of falling it becomes noticeable that the price begins to slow down and the market enters the trading volume - you should be prepared to buy, because it is not a fact that buyers will lower the price from current prices.