- The price underwent subsequent decline.
- Tezos price analysis confirms bearish hit.
- Support is still set at the $6.05 level.
The Tezos price analysis reveals the cryptocurrency is going through a major loss as the price has been facing a constant decline for the past few weeks. The bearish momentum has been on the rise and a downward trend has been observed throughout the last two weeks. This has cast quite negative effects on the overall market value of XTZ/USD as a constant devaluation has been following. The price has moved down to the $6.31 level after the continual bearish pressure.
XTZ/USD 1-day price chart: Price remains grounded as bears exercise further control
The one-day Tezos price analysis is confirming that a downtrend has been at its peak for the past few weeks. The price depreciated to alarming levels after undergoing constant reduction during this time period. A downturn in price followed in the last 24 hours, as well as the XTZ/USD value, has been lowered to the $6.31 level. The price has gone below the moving average (MA) value as well which is standing at $6.47.
The SMA 50 curve has been traveling higher than the SMA 20 curve which is yet another confirmation of the downflow. Moreover, the Bollinger bands Indicator is showing a change in values as well as now the upper value is at $7.36 and the lower value is at $6.05. The Relative Strength Index (RSI) score has dropped down to 46 as well.
Tezos price analysis: Bulls remain incapable of breaching $6.62 boundary
The four hours Tezos price analysis is declaring that the price has fallen abruptly in the last few hours. The trends have taken a sudden shift as the price took a downturn amidst the bullish recovery. The short-term trending line is now following a downward movement as the price has moved down to the $6.33 level in the last four hours. The moving average (MA) value is still at a relatively stable position i.e. $6.397.
The volatility has been decreasing which is why the Bollinger bands average is now at $6.23 level. The upper and lower Bollinger bands Indicator values have changed as well as now the upper band is at $6.63 whereas the lower band is at $5.81. The RSI score has dropped down to 48.1 as a result of the decreasing trend.
The overall price journey has remained quite dissatisfying as the price has receded to new lows during the past months. The technical indicators chart for XTZ/USD is depicting a loss in coin value as well as a bearish signal. There are 12 indicators at the selling level, nine indicators at the neutral level, and only five indicators at the buying level.
The moving averages indicator has been dictating similar results because of the constant fall in price. There are nine indicators that are on the selling side, five indicators are on the buying side while one indicator is present on the neutral side. The Oscillators are also giving out a bearish signal for the day, and there are three oscillators on selling position, eight oscillators on neutral position, and zero oscillators on buying position.
Tezos price analysis conclusion
A constant downward trend has been following for XTZ/USD for the past few weeks. That is because the bears have been maintaining their lead quite proficiently and have brought the price down to the $6.31 level. Although the bulls have been putting efforts to regain their position, the bears have been holding up at the upper position quite rigidly.
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