XTZ/USD Medium-term Trend: Bullish

Distribution territories: $0.50, $0.60, $0.70
Accumulation territories: $0.30, $0.20, $0.10

Since the commencement of trading sessions in the XTZ/USD market valuation today, the crypto has been striving to make an upward headway past the 50-day SMA. Presently, the market has been trading around the upper Bollinger Band.

Between December 9 and 11, the crypto experienced a steady downward price movement to around $0.35 mark. The middle Bollinger Band and the 50-day SMA are conjoined around the $.038 price territory. The Stochastic Oscillators have slightly touched past range 80 into the overbought zone. As at now, bulls are seemingly having an upper hand of the market driving force.

Being as it is, bulls may be finding trading supports around the 50-day SMA’ trend-line, and a break of it fiercely could put an end to a safe upward price movement of this crypto.

Initially, there were a notable number of ranging movements in the XTZ/USD market valuation in the short-term trend today. But, about a few hours, the crypto has suddenly witnessed a spike that pushed the market northward above the 50-day SMA to touch the upper Bollinger Band.

In the previous days on the chart, the crypto basically experienced lower lows and lower highs below the 50-day SMA’s trend-line. The 50-day SMA is found a bit below the middle Bollinger Band. The Stochastic Oscillators have dipped into the overbought zone to consolidate presently within it.

Bulls are gradually coming back into the XTZ/USD market, but there still needs to take to caution while placing a trade especially during the time of longing a trade position.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

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