XTZUSD to move sideways(1D) | Price riding the lower band

Market in last 1 week

• XTZUSD saw a downtrend and started riding the lower band
  
• Price volatility was very high. The market moved ~49.9%, between $3.47 and $2.31
  

Today’s Trend analysis

• XTZUSD expected to see a sideways movement as the price after riding the lower band got support from lower band
  
• Price at time of publishing: $2.56
  
• XTZ’s market cap: $1.9 Billion
  
• Oscillator indicators are mostly neutral. RSI at 36
  
• Moving average indicators are biased towards a downtrend. Ichimoku Cloud is neutral and Hull MA indicates a buying opportunity
  
• Volume indicators saw an increase in recent red candles while a decrease in the blue candles with the decrease in the 20-candle moving average
  

Price expected to see a sideways movement as the price after riding the lower band got support from lower band. Most of the Oscillator indicators are neutral. MACD moving below the signal line with histogram size decreasing in the negative direction, suggesting a bearish bias. RSI at 36, below the midline still in the neutral region. CCI is around -113, in the oversold region indicating an uptrend. Another interesting point to notice here is that volume saw an increase in recent red candles while a decrease in the blue candles indicating a weakening buying pressure.
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The analysis is based on signals from 28 technical indicators, out of which 17 are moving averages and remaining 11 are oscillators. These indicator values are calculated using 1 D candles.

DM to get details of the above analysis and list of indicators & their values used to arrive at the above conclusion.

Note: Above analysis would hold true if we do not encounter a sudden jump in trade volume .

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- Mudrex