Tezos Market Analysis for 24th  January 2021

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Disclaimer: The findings of the following analysis is the sole opinion of the writer and should not be taken as investment advice

The cryptocurrency sector has been creating crests and troughs along the way. As the valuation of Bitcoin has fallen from $42k, and this trend has also been adopted by the markets of Altcoin. The value of Tezos even jumped like a tide, seeing momentary peaks and lows.

Given the increasing price of the cryptocurrency, the coin could see a dip in the near future and open up a chance for the coin to be shortened. At the time of publication, the price of XTZ was $3.20.

Tezos 4-hour chart

In the above map of Tezos, its price increased and all the immediate resistances were evident. After the value had dipped below $2.45, the market turned around and continued to climb with an uptick in positive momentum.

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The market is consolidated above the assist at $3.11 and sellers could be prepared to shorten their positions.

Reasoning

The 50 moving average suggested this surge, as it was surfing under the price bars. Meanwhile, the market uncertainty grew and was mirrored in the divergence of the Bollinger bands. Whereas the signal line was also below the price bars, suggesting that the commodity was heading upwards.

The Relative Strength Index noted the value of the metric rising from the balance zone. As the price of the digital commodity has risen above the help, there are prospects for the price to experience a decline.

The Awesome Oscillator has seen a decrease in momentum. As the sales pressure was introduced on the market, the momentum was also decreased and the trend was likely to change.

Crucial Levels to look out for

Entry: $3.11
Stop-Loss: $3.27
Take-Profit: $2.86
Risk-to-Reward: 1.48

Conclusion

The Tezos market was going sideways and selling pressure, maybe building. If the pressure builds, the sell-off may be noticeable and traders may benefit from the dropping price of the digital commodity.

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