Tezos (XTZ) has been experiencing significant volatility in the past 48 hours, with fluctuations that have placed it among both the top gainers and top losers of the week. However, as the price action currently hovers around the 20-day moving average (20DMA), many may be wondering if it is too late to buy Tezos.
In the span of just one day, Tezos recorded an impressive 15.8% increase, only to follow it up with a sharp drop of 10.72% the following night. Despite this volatility, there seems to be little fundamental news driving these sudden price movements. Some analysts suggest that a marketing push on Tezos’ Manchester United NFTs could have triggered the surge, while others believe it may be fueled by a surge in trading volume, reaching $158 million.
Presently, Tezos is trading at a market price of $0.66, reflecting a 24-hour change of -3.48%. The recent downward movement occurred after facing rejection from upper trendline resistance at $0.75, a level that had not been touched since August 16. However, the 20DMA has provided a 14-day consolidation zone at $0.67, offering some support amidst the volatility. Nevertheless, the recent rejection has caused the price action to fall below the 20DMA support, raising concerns of further downside potential. It is worth noting that the last time Tezos dropped below the 20DMA was on July 24, which led to a prolonged decline lasting over 65 days, with a peak divergence of -28% below the moving average on August 18.
Interestingly, the 200DMA, which has remained untouched since April 29, is still trading well above the upper trendline at $0.84. This indicates that Tezos has room for further decline before reaching a critical support level.
Despite the recent volatility, the Relative Strength Index (RSI) has only experienced a gradual rise, currently displaying a minor bullish divergence at an oversold 47.80. The Moving Average Convergence Divergence (MACD) also exhibits minor bullish divergence at 0.001.
Overall, Tezos appears primed to find support at its current level. The indicators suggest that there is support at this point, with little indication of a further drop. This leaves Tezos with a potential short-term upside target of $0.71, representing a possible gain of 7.36%. On the downside, the risk is that Tezos could fall as low as $0.645, resulting in a potential loss of 3.15%. This risk-reward ratio of 2.33 favors the upside potential.
While Tezos continues to navigate its range within the 20DMA, smart investors are seeking consistent gains through alternative opportunities. One notable venture gaining attention is TG.Casino (TGC), which has caught the market’s interest by securing an impressive $745,000 in its presale within days.
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The TG.Casino presale represents not only an opportunity but an invitation to the future of GambleFi on Telegram. However, it is important to note that investing in cryptocurrencies, including Tezos and TG.Casino, carries significant risks. This article is for informational purposes only and does not constitute investment advice. It is crucial to conduct thorough research and carefully consider your financial situation before making any investment decisions.
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