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Crypto Technicals: XTZ/USD struggles at 50-DMA, major trend is bearish

XTZ/USD chart - Trading View 

Exchange - Kraken

Technical Analysis: Bias Bearish

Support: 1.0598 (21-EMA), 1.0361 (5-DMA), 0.9342 (61.8% Fib)

Resistance: 1.1445 (50-DMA), 1.2230 (cloud base), 1.3183 (38.2% Fib)

XTZ/USD failed to extend break below 200-DMA, retraces dip below.

The pair is currently extending gains for the 6th straight session, trades 3.54% higher on the day, at 1.1189 at 13:50 GMT.

Price action is struggling to extend gains above 50-DMA, has slipped lower from session highs at 1.1551.

GMMA indicator has shown a shift lower in the longer-term moving averages and hence upside is likely to be limited.

5-DMA is still pointing north and Stochs and RSI are also biased higher, pair could carry some upside.

Major trend is bearish and reversal will see retest of 200-DMA. Violation at 200-DMA required for further weakness.

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

By Anupama Grandhi
  • Market Data
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