technical analysis for $XTZ /USDT along with trade signals and three target levels based on current market data:
Price Overview:
Current Price: $1.503 (+1.21% in the last 24 hours)
24h High: $1.554
24h Low: $1.459
Trend Analysis:
Short-term: The price is in a bullish trend, showing positive movement (+1.21% in the last 24 hours).
Medium-term: With a bullish market sentiment, the price has seen good support at $1.46 and resistance near $1.55.
Long-term: The general market structure is favoring an upward movement, especially with the broader trend of layer-1 projects gaining traction.
Momentum Indicators:
RSI (Relative Strength Index): Currently around 60, indicating that the market is in a neutral to bullish momentum, with no signs of being overbought yet.
MACD (Moving Average Convergence Divergence): The MACD line is above the signal line, showing bullish momentum.
Trade Signals:
Buy Signal: If the price breaks above $1.55, you can look for a buy position with the potential for further upside. Ensure the volume is consistent, and watch for momentum confirmation from RSI and MACD.
Sell Signal: A potential sell can be triggered if the price drops below $1.46, indicating a possible short-term bearish retracement. Watch for any confirmation with RSI below 30.
Target Levels 🎯:
1. Target 1: $1.55
Reason: Strong resistance level in the short term. A breakout could signal further upward movement.
2. Target 2: $1.65
Reason: Next psychological resistance level and a common extension level in an uptrend.
3. Target 3: $1.80
Reason: Previous highs and key Fibonacci extension level. A long-term target for continued bullish momentum.
Trade Momentum:
Positive Momentum: With the current price above $1.50 and the market being bullish, there is a strong buy momentum. The breakout above $1.55 could fuel further upward movement.
Key Support: $1.46 remains the key support zone. A strong hold above this level confirms a potential continued upward trend.