XTZ-USD 4-hour chart

XTZ-USD 4-hour chart

Gate Trade XTZ Monday, May 11, 2020 382 0

The XTZ/USD pair is likely to face resistance in the $2.6015-$2.0686 zone, which corresponds to the 50% and 61.8% Fibonacci retracement levels of the most recent leg of the fall.

If the price turns down from this resistance zone, a fall to $2.50 and below it to the support line of the channel is possible. The bulls are likely to defend this zone aggressively. If the price bounces off the zone, it could offer a buying opportunity to the traders.

The stops for this trade can be kept just below $2.20. On the upside, a rally to $2.70 and then to $3 is possible. The traders can trail the stops higher as the price moves up.