Tezos Price Analysis: The RSI Bullish Divergence At $4 Support Hints Upcoming Rally In XTZ Coin
The XTZ coin displays a V-top bearish reversal in its technical chart, which has dropped the price to the $4 mark. This support level indicates the presence of strong demand pressure below it as the price sustains this level even in the bloodbath of December 4th. The crypto traders will need the same signal if they are looking for a long opportunity in this coin.
XTZ/USD Daily Time Frame Chart
Source- XTZ/USD chart by Tradingview
Past Performance or Trend-
After marking a new All-Time High at $9.2, the XTZ token began a correction phase in October, which dropped the price drop into $5.7 support. The token attempted several times to rebound from this point, but the strong selling pressure in the market broke through this level of support, triggering even more price drops in this token.
The XTZ Coin Retest The $4 Support
The XTZ coin price has plunged to the crucial support of the $4 mark, projecting a 56% loss from the ATH mark. Last week, this coin price tried a bullish reversal from this support, but failing to pass the $5.7 resistance, it was again pushed back to the bottom level.
The coin is currently retesting $4 support, and the crypto traders should wait for the price to offer sufficient demand pressure that can initiate a new rally.
Technical Indicators-
-The daily Relative Strength Index(40) displays a strong bullish divergence in its chart, indicating the bulls are growing in strength.
-The XTZ token price is moving below the crucial EMAs(20, 50, 100, and 200), projecting a bearish trend in this coin.
-As per the traditional pivot levels of the 4-hr chart, the token traders can expect the nearest resistance for the XTZ price at $4.8, followed by $5.9. As for the opposite end, the support levels are $3.4 and $2.2.
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