TZ/USD Medium-term Trend: Ranging Distribution territories: $0.60, $0.65, $0.70 Accumulation territories: $0.40, $0.35, $0.30

The market valuation of XTZ/USD has been featuring a kind of ranging movements around $0.55 and $0.45 as at today’s trading commencement until now. In the past week, the crypto experienced spikes coupled with sudden sharp corrections notably on December 18, 19 and 23 respectively.

The December 23 spike made the highest point of the market while it closely approached $0.60 mark. The 50-day SMA and the Bollinger Lower Band are found closer a bit over $0.45 price territory. The Stochastic Oscillators are seemingly attempting to close at range 40.

Bulls may now be on the lookout for a foundation to build on around the 50-day SMA location, but a strong breakdown of the $0.45 mark could cause having a low market line between $0.40 and $0.35 points.

There have been basically lower highs than lower lows in the XTZ/USD price valuation today. Yesterday, the pair dropped southward to break the 50-day SMA to touch around $0.48 mark.

The 50-day SMA is located at $0.52 above the Bollinger Middle Band. The Stochastic Oscillators have crossed within the overbought zone to point south.

Bull now appears to lose momentum while the market may continue featuring variant degree of lower lows and lower highs around the $0.52 and the $0.48 in the meantime. In the case of a sudden breakout, traders are enjoined to be wary of bull’s trap particularly while a quick correction emerges at any point during a volatile market movement.

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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