Tezos News Today – August 11, 2020

Tezos
  • The rising wedge pattern for XTZ/USD is a sign of a potential break to $4
  • Tezos has extended its weekend price above $4 to the $4.40 resistance 
  • RSI confirms a downward action with a sharp retreat

Tezos news today – The positive movement among digital assets in the last few days has continued to this day. Today, the token on focus is XTZ the native token to the Tezos network. The charts show that the price of Tezos has extended its weekend price action higher than the $4 area to test the $4.40 resistance. The coin set to undergo a reversal. This movement has been impacted by the rising wedge pattern formation in the short-term. Some of the top altcoins have performed incredibly well in the past few weeks. These tokens have drawn in investors who have recently shifted their attention from the number one coin Bitcoin to smaller cryptos. This position was reflected on August 8 when Chainlink brought in more volume on Coinbase exchange than Bitcoin.

Tezos Has Performed Very Well in Recent Days

The current price action of Tezos has been very impressive in recent days. The weekend trade session displayed stability above the $3 support area. The coin’s attempt to correct higher on the charts yielded massive results for XTZ as buyers flocked into the market to take advantage of the rally. A few barriers were also shattered including the $3.40, $3.80, and $4 marks. The XTZ/USD trading pair also soared to new monthly highs of $4.40 before it started to retreat. At press time, the XTX/USD pair is changing hands at $4.15. Several bearish candles have also been printed with the coins’ price extending beneath a rising wedge. Typically, wedge patterns are important trends when it comes y determining price reversals. Take an example, a rising wedge pattern typically signals a change from a continuous upward action.

RSI Confirms a Downward Action With a Sharp Retreat

Crypto traders must use this trend concerning other indicators like RSI, MACD pattern, and a volume indicator. In the case of Tezos going by its recent activity, the RSI confirms that the coin is set for a downtrend. It could undergo a sharp retreat and retest the midline. If its price action continues to remain under the midline, this would be a sign of a strengthening bearish grip on the asset. The same downward action is reinforced by the MACD pattern for XTZ/USD as it approaches the mean line. A signal that the coin has slid into the negative region, will be emphasized by the rise in the influence of the bulls over Tezos. Despite the anticipated price declines, Tezos has support at the $4 area, $3.84, $3.60, and $3.40.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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