Tezos (XTZ) has experienced significant volatility in the past 48 hours, with both substantial gains and losses. The price action has remained around the 20-day moving average (20DMA), leading investors to question whether it is too late to buy Tezos. Yesterday, the coin saw an impressive 15.8% increase, followed by a 10.72% drop overnight. Despite the volatility, there is no significant fundamental news driving these sudden movements. Some analysts speculate that a marketing push on Tezos’ Manchester United NFTs may have triggered the price action, while others attribute it to an unexpected surge in trading volume, reaching $158 million. Currently, Tezos is trading at $0.66, reflecting a 24-hour change of -3.48%.
Technical Analysis and Price Levels
Tezos recently faced rejection from the upper trendline resistance at $0.75, a level that had not been touched since August 16. However, the coin found strong support above the 20DMA at $0.67, leading to a 14-day consolidation period and triggering the subsequent upside swing. Unfortunately, price action has fallen below the 20DMA support, indicating potential downside action. Historically, when Tezos dropped below the 20DMA in July, the price continued to decline for more than 65 days, reaching a peak divergence of -28% below the moving average on August 18. On the other hand, the 200DMA, which has not been touched since April 29, remains high above the upper trendline at $0.84.
Indicators and Potential Targets
Despite the volatility, Tezos’ relative strength index (RSI) has gradually risen and currently exhibits minor bullish divergence at an oversold level of 47.80. The moving average convergence divergence (MACD) also reflects minor bullish divergence at 0.001. Overall, Tezos appears to be finding support at its current level, with little indication of further downside. Based on the indicators, Tezos has a short-term upside target of $0.71, representing a potential 7.36% increase. Conversely, if there is downside risk, Tezos could fall to $0.645, indicating a potential 3.15% decrease. Therefore, Tezos carries a risk-reward ratio of 2.33, with upside potential stealing the limelight.
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Final Thoughts
The TG.Casino presale represents more than just an opportunity; it is an invitation to the future of GambleFi on Telegram. However, it is essential to note that cryptocurrency is a high-risk asset class, and this article is provided for informational purposes only and does not constitute investment advice. Investors should exercise caution and be aware of the potential loss of capital. As for Tezos, the recent volatility suggests that the coin still carries potential for both upside and downside movement, making it a decision that depends on an individual investor’s risk appetite and market analysis.
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