Tezos Technical Analysis (XTZ) March 3, 2021

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Tezos Technical Analysis (XTZ) March 3, 2021

Tezos Technical Analysis (XTZ) : Tezos blockchain is based on smart contract, which has one major difference with other networks, and that is the impossibility of creating a hard fork in it.

The security of this network is provided through the stock proof system and people who blocked their shares in the network will have the right to vote for updates. The internal currency of this network is called XTZ, which is used to prove the shares and internal payments of this network. There are currently about 760 million XTZ units in the market, valued at about $ 3 billion.

Tezos price chart in daily time

Tezos price chart
Tezos price chart

In daily time, tezos movement can be considered in an uptrend channel. After penetrating the middle of the channel and correcting to the 25% line, the price has completed its correction wave and is moving again towards the middle line of the channel.

Tezos-Technical-Analysis-(XTZ)

The convergence between the price chart and the Makdi indicator indicates a tendency to maintain the uptrend, so the goal of the uptrend will be to break the previous peak and reach the range of the channel ceiling. There is no divergence in the RSI indicator and the RSI is moving towards the buying excitement range while maintaining its support line.

To examine the correction wave in daily time in more detail, we analyze it in downstream time.

Tezos Price Chart in Low Time

Tezos Price Chart
Tezos Price Chart


The correction wave in daily time can be seen as a suffering market in 4-hour time frame. After reaching the 25% line range, the price formed a downward corner pattern, which was accompanied by a positive divergence between the price chart and the Makdi indicator and the RSI indicator.

The price has confirmed the pattern by breaking the ceiling and after pullback to it, has moved towards the pattern targets. The classic goal will be the corner pattern within the midline of the channel. Given the position of the chart in the upstream time, we can expect the price to cross the middle line of the channel and move towards the ceiling of the channel by crossing its classic target.

The best loss limit can be considered in the daily time frame and support line in the RSI indicator. As long as this support is maintained, there will be an upward trend in daily time and the price will surpass its previous peaks.

Tezos Technical Analysis (XTZ) March 3, 2021

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