XTZ/USD Medium-term Trend: Ranging
Distribution territories: $1.35, $1.40, $1.45
Accumulation territories: $1.20, $1.15, $1.10
On November 8, last week, XTZ started to experience a notable decline in valuation against the USD while the 50-day SMA’s trend-line was breached southwards. The crypto saw a pit stop between Nov. 9 and 11 before it commenced its price journey downwards the $1.22 price low territory until yesterday.
It’s worthy of mentioning that yesterday, the crypto actually experienced a sudden price upsurge as the market briefly pushed past the upper Bollinger Band to approach the $1.34 territory and, shortly, the crypto lost out the momentum. Today, the pair has been converging within a range of the $1.26 and the $1.22 price territories on a 4hr chart. The 50-day SMA is located above the middle Bollinger Band. The Stochastic Oscillators have dipped into the oversold zone to consolidate within it.
As at this point in time, bears’ presence in the market cannot be said to have been over. Traders need to exercise a level of caution in placing a trade for a while.
XTZ/USD Short-term Trend: Ranging
In the short-term run, it appeared that the XTZ market valuation moved within a range since Nov. 10 until part of early trading sessions on Nov. 12. Along the Nov.12 trading sessions, the crypto suddenly got pushed southward below both the middle Bollinger Band and the 50-day SMA’s trend-line and the lower Bollinger Band was as well pushed past briefly.
Today, the crypto has been moving within another range of the $1.26 and $1.22 territories. Both the upper Bollinger Band and the 50-day SMA’s trend-line are closely located on the chart. The Stochastic Oscillators are now consolidating their movement within the oversold zone.
Should the $1.22 territory breached southward further, price territories of $1.20, $1.18 and $1.16 may be visited as a several rejections of the said point could lead to another upswing market trend of this crypto.
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