Slowly but surely, buyers have regained the initiative in the XTZ market. Having started a new wave of growth after a strong price correction on February 22-23, buyers managed to gain a foothold above the important range of $4-4.5 . This range was strongly defended by sellers in 2020: However, only last month, with large volumes, buyers managed to break through this range and catch the sellers' stop orders. Control over the price zone of $4-4.5 in February remained with sellers. After repeating a similar attack in March, but at low volumes, buyers managed to close the monthly candle above this range. Thus, we think that the majority of sellers have left the market and there is no way for the XTZ price to continue rising.
The final confirmation of this may be the price re-correction to the $ 4.5 mark. The first local target is $6.3.
Below $4, buyers will lose initiative and retreat to the range of $3-3.1. However, given the prospects for BTCUSDT to renew its all-time high and test the range of $65,000-75,000 , this negative scenario remains an alternative. _____________________________________ We create both short-term ideas (for a local understanding of the market situation) and medium-term forecasts of price movements. Subscribe to us and get daily concise analytics!
Your explanation - about buyers, sellers, volume, price zone control, etc. - it's really great! It's easier to understand how the market moves when you use the basic principles in your explanation.. Thank you so much!