Good afternoon, everyone! I am ObsessedMeerkat and I am here to share my thoughts on XTZ's movements over the next week.
First, XTZ is performing extremely well as compared to its previous performance. Second, XTZ's movements are still closely tied to bitcoin's. When BTC dumps, so does XTZ and that is the unfortunate part of BTC being the king.
Third, my analysis. I am not a trader by trade (haha) and I am not educated financially but this is what I think XTZ will be doing in terms of gains over the next week.
At this time, there appears to be a good bit of support in the $5.40 - $5.60 range. People are beginning to notice this coin and its value has increased substantially from even a month ago. Lows are now on par with previous all-time highs. Very bullish chart overall. Conversely, there is also a lot of resistance in the $6.40 + range. This coin is valuable but it is not going full-on face-melting parabola - yet.
The two white lines at the bottom are where I see the most resistance on this coin. The lowest one being a macro-resistance line that is tied closely to overall performance of bitcoin. I think bitcoin will continue to retrace back to its macro-resistance line at ~$40k and bring XTZ with it. Overall this is a good thing.
Why is the price of XTZ falling a good thing? XTZ is an insanely useful token that is rapidly gaining adoption and a price drop to the macro-resistance line will allow for MORE accumulation. Due to the increasing awareness and adoption of this chain, I am very bullish on XTZ overall. XTZ has had more contract calls up to this date (the 8th) of this month than it had in all of February.
The only question in XTZ's retrace is exactly how fast it will happen. A rapid retrace back to support at $5.10 by tomorrow night will provide the greatest window of opportunity for buying large amounts of XTZ before a return to the micro-resistance at $6.80. The alternative is a slow bleed to the macro-support. This is a bad-case scenario where XTZ slowly bleeds over the next three days down to a support line much higher that $5.10, thus reducing accumulation opportunities.
After a re-trace to the support lines, I see XTZ quickly returning to the resistance at $6.80 before smashing through it to $7.60. Either way, if you buy at the lows, you're going to be making money this week.
After this coin breaks the upper resistance, I think we are rapidly approaching the $10+ mark before the end of this month, but I promised I would stick to my views on XTZ this WEEK in the title. We're getting closer to the day of melted faces on this coin, but right now, look for money making opportunities in the moment.
Overall, I am LONG XTZ this week. Currently I'm holding a good bit of liquid in my account and I've placed a buy order at $5.10 in anticipation of XTZ dropping to that support.
What are your thoughts?
First, XTZ is performing extremely well as compared to its previous performance. Second, XTZ's movements are still closely tied to bitcoin's. When BTC dumps, so does XTZ and that is the unfortunate part of BTC being the king.
Third, my analysis. I am not a trader by trade (haha) and I am not educated financially but this is what I think XTZ will be doing in terms of gains over the next week.
At this time, there appears to be a good bit of support in the $5.40 - $5.60 range. People are beginning to notice this coin and its value has increased substantially from even a month ago. Lows are now on par with previous all-time highs. Very bullish chart overall. Conversely, there is also a lot of resistance in the $6.40 + range. This coin is valuable but it is not going full-on face-melting parabola - yet.
The two white lines at the bottom are where I see the most resistance on this coin. The lowest one being a macro-resistance line that is tied closely to overall performance of bitcoin. I think bitcoin will continue to retrace back to its macro-resistance line at ~$40k and bring XTZ with it. Overall this is a good thing.
Why is the price of XTZ falling a good thing? XTZ is an insanely useful token that is rapidly gaining adoption and a price drop to the macro-resistance line will allow for MORE accumulation. Due to the increasing awareness and adoption of this chain, I am very bullish on XTZ overall. XTZ has had more contract calls up to this date (the 8th) of this month than it had in all of February.
The only question in XTZ's retrace is exactly how fast it will happen. A rapid retrace back to support at $5.10 by tomorrow night will provide the greatest window of opportunity for buying large amounts of XTZ before a return to the micro-resistance at $6.80. The alternative is a slow bleed to the macro-support. This is a bad-case scenario where XTZ slowly bleeds over the next three days down to a support line much higher that $5.10, thus reducing accumulation opportunities.
After a re-trace to the support lines, I see XTZ quickly returning to the resistance at $6.80 before smashing through it to $7.60. Either way, if you buy at the lows, you're going to be making money this week.
After this coin breaks the upper resistance, I think we are rapidly approaching the $10+ mark before the end of this month, but I promised I would stick to my views on XTZ this WEEK in the title. We're getting closer to the day of melted faces on this coin, but right now, look for money making opportunities in the moment.
Overall, I am LONG XTZ this week. Currently I'm holding a good bit of liquid in my account and I've placed a buy order at $5.10 in anticipation of XTZ dropping to that support.
What are your thoughts?