Tezos (XTZ) Technical Analysis 2021 for Crypto Traders

Tezos (XTZ) Technical Analysis 2021 for Crypto Traders

In Tezos (XTZ) Technical Analysis 2021, we use past statistics, price analysis, RVOL, MA, and much other information about XTZ to analyze the future trend of the cryptocurrency

Tezos is a token created by former Morgan Stanley analyst Arthur Breitman. It is a smart contract platform that does not involve mining Tezos tokens. It is a coin that promotes itself in the basic ideas of self-amendment and on-chain governance. This is a blockchain similar to Ethereum, hosting smart contracts. 

Allow the community to vote and correct their mistakes. Each token holder can delegate its voting rights to others in the network. The coin uses a generic network shell, which can implement various transactions and negotiated agreements that must be consistent with the blockchain.

Tezos (XTZ) Current Market Status

According to CoinGecko, the XTZ price is trading at $3.02 with a 24-hour trading volume of $120,798,909, at the time of writing. However, XTZ has increased by 5.3% in the last 24 hours.

In addition, XTZ has a circulating supply of 839,929,117 XTZ. Currently, XTZ trades in Binance, OKEx, Tokocrypto, Bybit, and Huobi Global

Tezos (XTZ) Technical Analysis 2021 

Tezos (XTZ) holds the 48th position on CoinGecko right now. The recent development and upgrades might push XTZ to reach new heights. Now, let’s deep dive into the XTZ technical analysis 2021. The daily time frame chart of Tezos (XTZ) is shown below.

XTZ/USDT Ascending Channel Trend Pattern (Source: Tradingview)

Ascending Channel Trend pattern is the price action contained between upward sloping parallel lines. XTZ trades in a range of $2.8. If the price breaks the trend line support level of $2.16 then it will lead to a further drop up to the $2 Level. If the pattern continues to the top side, then it will reach the $8.38 level soon.

Tezos (XTZ) RSI

The below chart shows the relative strength index (RSI) of XTZ. 

XTZ RSI (Source: TradingView)

As shown in the above chart, RSI remains at 59.70. This shows that XTZ’s price is in a nearly overbought state. However, this shows that traders can trade carefully.

Tezos (XTZ) RVOL

The below chart shows the Relative Volume of XTZ. It is an indicator that indicates to traders how the current trading volume has changed over a period of time compared to the previous trading volume.

XTZ RVOL(Source: TradingView)

Currently, the RVOL of XTZ lies below the cutoff line which represents the weaker participants in the current trend.

Tezos (XTZ) Moving Average

XTZ’s Moving Average (MA) is shown in the chart below. MA supports traders to find trends.

XTZ MA (Source: TradingView)

XTZ price fell at 50 MA (short-term), but it has not broken through 200 MA. Once it breaks the 200 MA level of XTZ, it completely goes to a bearish state.

XTZ prices are currently trading around 200MA, so we can expect some reversals at these points.

Tezos (XTZ) Price Comparison With Bitcoin

The below chart shows the price comparison between XTZ and BTC. 

XTZ vs BTC Price Comparison chart(Source: TradingView)

From the chart, we can identify the trend of the BTC and XTZ is moving at the same level as the trend. This indicates when the price of BTC increases or decreases, the price of XTZ also increases or decreases respectively.

Conclusion

With the ongoing developments and upgrades that are taking place within the XTZ platform. Tezos has a great future ahead in this crypto market. However, XTZ can reach new heights.

Bullish XTZ price prediction 2021 is $8.38. As mentioned above, it may reach great heights, however reaching $9, if investors have decided that XTZ is a good investment in 2021.

FAQ

What is XTZ?

XTZ is a blockchain network based on smart contracts, no different from Ethereum. Its native coin is Tezos.

Where can you purchase XTZ?

XTZ is listed on many cryptocurrency exchanges that include Binance, OKEx, Tokocrypto, Bybit, and Huobi Global. It is available for trading against crypto fiat coins, stablecoins, and other cryptocurrencies.

Will XTZ reach a new ATH soon?

With the ongoing developments and upgrades within the XTZ platform, it has the high possibility of reaching its ATH soon.

Disclaimer: The opinion expressed in this chart solely author’s. It does not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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Monisha is a Senior Programmer in the Automotive Embedded domain. Her interest in the cryptocurrency field made her write about crypto and blockchain-related news.