XTZ/USD Medium-term Trend: Ranging Distribution territories: $0.42, $0.44, $0.46 Accumulation territories: $0.30, $0.28, $0.26

XTZ/USD trade witnessed variant levels of price decline between January 25 and 28. The crypto-market started falling from $0.44 high mark to touch a $0.32 low mark on January 28, and the pair soon afterward made a pull back a bit above $0.38 mark on the same day.

Thereafter, it started dropping again to enter a choppy price moving mode which its range zones are found around $0.38 and $0.36 points. The 50-day SMA has conjoined with the Bollinger Upper Band at around $0.40 price territory. The Stochastic Oscillators have appeared to close hairs at range 50.

The market may still have to keep the current range zones for a while. But, then, indicators show that the market is still under selling pressure. Therefore, traders are enjoined to be on lookout for a strong reversal to probably consider a buy order.

Market territories between $0.39 and $0.36 have been the major range zones within which XTZ/USD price has been ranging. Yesterday, the crypto-trade broke southward almost out of the range zones as the US dollar lacked the strength to push more than it did.

Today, price has continued to trade within the well-defined range zones until now. The Bollinger Lower Band is located below the lower range mark as the 50-day SMA indicator is located between the Bollinger Upper and Middle Bands within the range zones. The Stochastic Oscillators now appear making an attempt of crossing hairs to probably point north below range 50.

Breaking upward in this market may not soon be accomplished as at now as the bulls need to always find their foundation from below especially around the Bollinger Lower Band indicator.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

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