Significant corrections have recently been made to the cryptocurrency sector. In reality, for much of the last 7 days, Bitcoin itself has oscillated violently between $45k and $49k. This resulted in market altcoins reflecting the declines of the King coin, with the overall market sentiment currently benefiting bears.
Thanks to the above corrections, Tezos, with a market capitalisation of $2.68 billion, was moved down the CoinMarketCap rankings. However, considering the difference between Bitcoin and Tezos, the altcoin price has been able to hang on to a substantial price range.
Tezos 4-hour chart
XTZ’s 4-hour chart pointed out that the price of Tezos had fallen below $3.5 by the end of February. However, amid the heavy bearishness of the industry, the value of XTZ rose above the price scale, with an old selling price of $3.71 at press time.
In reality, the valuation of Tezos was consolidated between $3.5 and $3.8 after breaking out of the descending channel. In view of the continuing price pattern in the market, the XTZ sideways action on the charts may continue.
The Bollinger Bands indicated that the variance had decreased after the bands converged at press time. With the uncertainty running out of the economy, XTZ does not see a price swing anytime soon.
The Awesome Oscillator emphasised that sales were in advance. However, when the business trend has escaped, the same may quickly turn to the negative hand. This was another indication that there could be more competition in the XTZ industry.
In the event of a violation of the above-mentioned pattern, the buyers and sellers were both equalised on the market. As a result, the relative strength index stood at 50. The RSI was likely to remain steady at this stage, confirming the sideways rotation of the XTZ.
The XTZ market has been moving within a tight range of $3.5 and $3.8 with low momentum and a market at equilibrium. This would allow the price of the XTZ to stabilize in the mid-term and a price swing could make away in the long-term.
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