The price of XTZ (Tezos) has been rising since December 23, 2020. It reached an all-time high of $3.39 on January 23, 2021. XTZ price has climbed by 9.40% from $2.66 on January 28, 2021, to $2.91 on February 2, 2021. Thus, XTZ price has shown a positive trend in the past week. In the last 24 hours, XTZ has been trading between $2.87-$3.19. https://ift.tt/3asnZ5a Technical Indicators Suggests XTZ Bearish Ahead (Feb 3 – Feb 4, 2021) Currently, XTZ is trading at $3.02. Trading began at $2.91. Thus, the price is on an upswing. A few hours back both the OBV and A/D lines were showing more distribution than accumulation. The XTZ price was struggling to go past the opening price of $2.91. However, in the last 5 hours, buying pressures overtook selling pressures. Thus, the OBV, A/D, and price lines started rising to give strong indications of a price uptrend. Presently, the RSI indicator is at 52%. Five hours back, it had even treaded above 70% into the ‘overbought’ region. This implied higher buying volumes than selling volumes. But, the current fall indicates price corrections. An RSI value near 50% implies ‘sell’ signals. In other words, a falling RSI indicates that the price uptrend is weakening. The MACD and signal lines have become negative. A bearish crossover by the MACD line over the signal line in the negative territory further confirms the weakening of the price uptrend. The Aroon-up line is at 100% but the Aroon-down line is at 64%. Since the Aroon-down line is not close to 0, a price uptrend may not sustain. There are intermittent bullish and bearish crossovers by the Aroon-up line over the Aroon-down line. But, a high value of the Aroon-down line is pointing towards a trend reversal. The AO indicator has also become negative implying ‘sell’ signals. Thus, most of the oscillators are indicating that the uptrend is weakening. Currently, XTZ is trading above the Fibonacci pivot point of $2.98 but below the first Fibonacci pivot resistance level of $3.11. If the price falls to $2.86 – the first Fibonacci support level – then probably a downtrend has set in. If by the end of the day or tomorrow, the price goes below second and third Fibonacci support levels of $2.79 and $2.66 respectively, then a bear-run is imminent.
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