Tezos Price Prediction 2023: Will XTZ Break The Wedge Pattern?
The Tezos (ISO 4217: XTZ; sign: ꜩ) is the digital currency that powers the Tezos network, a decentralized system that allows peer-to-peer transactions and smart contract deployment. Tezos aims to offer infrastructure that is more advanced, secure, upgradable, and built to last. Tezos developers can suggest changes to the protocol, and XTZ holders can cast their votes to approve or reject them.
According to CoinMarketCap the current market cap for XTZ is $793.3M with a fully diluted market cap of $810M currently valued at $0.8375 per coin trading with an advance of +1.41% in the last 24 trading hours.
Based upon the current price action the Tezos are currently trading in a range-bound area forming a rising wedge pattern.
Tezos Price Technical Analysis Technical Analysis
XTZ by CapitalMarketTimes on TradingView.com
- XTZ price has declined more than -52.00% in the last year and then recovered by
- 139.09% from the all-time low and is currently trading with a 7-day low/high range of $0.801543/$0.855285.
Tezos crypto is trading in a death crossover but has breached the 50-day and the 200-day Exponential Moving Average and if the rally continues on the upside then we might get to see a golden crossover in the upcoming days which can lead to a new uptrend in the market.
The RSI for XTZ looks bullish on the charts as it is trading above the 50 level and sustaining above the same. If it manages to trade above the same then the sudden spike on the price chart can become reliable and the price may sustain and we can see higher levels in the crypto.
Multi-Indicator Analysis for XTZ
Source: Tradingview
Based on the technical indicators the oscillators are acting neutral but the Moving averages are working positively as the market has given a sudden spike in price. We cannot totally rely on the MA’s hence we must wait for the oscillators to get bullish for further confirmation of the trend.
Conclusion
The XTZ price is trading inside a rising wedge pattern and the EMA’s are acting negatively as the market trades in a death cross. The RSI is acting positive as it is trading above 50 but the oscillators are acting neutral. Therefore we must wait for the oscillators to get bullish as it will lead to further confirmation of the trend.
Technical Levels:
- The support levels are 0.652 and 0.652
- The resistance levels are 0.949 and 1.056
Disclaimer
The evaluation provided in this article is for informational and educational purposes only. Do not rely on this information as financial, investment, or trading advice. Investing and trading in crypto involves risk. Please assess your situation and risk tolerance before making any investment decisions
