XTZ/USD Medium-term Trend: Ranging

Distribution territories: $1.50, $1.60, $1.70
Accumulation territories: $1.20, $1.10, $1

Between October 19 and21, last week, XTZ/USD market valuation experienced a strong price ranging movement along with the 50-day SMA’s trend-line. A notable short gap suddenly emerged in the market of this crypto towards its last trading session on Oct. 21, and price got pushed a bit northward to find another location around the upper Bollinger Band.

As a result of that, the crypto got pushed further as the band was also stretched along with it to break the $1.40 price territory. In the process of that price action, the crypto eventually encountered a strong territory at $1.45 and, in the light of that, it made a short reversal that has now turned on its current price ranging movement marked by $1.50 and $1.40 price territories. The Stochastic Oscillators have moved towards range 40 to point south. The market will probably soon be pushed a bit southward towards the recent low price point to allow the crypto find its bullish foundations below the current market price at around $1.39.

XTZ/USD market tested a particular price line at around $1.45 territory after a long visible successive featuring of lower highs coupled with a handful of short bullish candlesticks in the market. Yesterday, the crypto witnessed a price decline that breached the middle Bollinger Band southwards to arrive around $1.39 price territory.

Today, the market appears inactive as it has only been hovering around the last low market value and the 50-day SMA’s trend-line. The stochastic Oscillators have dipped into the oversold zone to briefly point north within it. That suggests that bears are somewhat getting weaker in the market and, traders are to get set for a possible up-swing especially while the market line is strong reversed against the $1.35 price territory and gets pushed to break $1.40 territory.

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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