- Tezos price analysis suggests downwards movement to $4.00
- The closest support level lies at $4.20
- XTZ faces resistance at the $4.25 mark
The Tezos price analysis shows that after sticking to the $4.20 mark for the past few days, the buyers were unable to breakthrough. Currently, the price seems to be moving downwards as the sellers move for a downwards breakout.
The broader cryptocurrency market has observed a bearish market sentiment over the last 24-hours as most major cryptocurrencies observe negative price movements. Major players include SOL and DOT recording a 7.70 and a 7.19 percent decline, respectively.
Tezos price analysis: Bears in control as price moves lower
Across the technical indicators, the MACD is currently bearish as expressed in the red color of the histogram. However, the indicator shows low bearish momentum as the height of the histogram remains low at press time. However, the sellers have prevented a bullish crossover earlier today and now move downwards suggesting an increasing bearish dominance.
The EMAs are currently trading low as the Tezos price has observed strong bearish activity over the last few days. With XTZ’s crash from the $6.00 mark to the recent $4.21 mark, it is unsurprising to see strong bearish pressure weighing on the EMAs. However, the EMAs’ slope has decreased in recent hours as the price consolidates above the $4.20 mark but the bears continue pushing the price in the downwards direction.
The RSI is currently neutral and trades close to the mean position at 50.00 index units. The indicator hovers at 41.09 index units moving at a low slope suggesting low pressure from either side of the market. However, the neutral position of the indicator shows that XTZ has room for significant movement in either direction across the short-term charts.
The Bollinger Bands are currently narrow but now show divergence as the price action takes a downwards turn breaking below the $4.25 support level. While the bulls hold above the $4.20 mark, a downwards breakdown is almost inevitable across the short-term charts. The indicator suggests a breakout from the consolidation suggesting a sharp increase in XTZ volatility across the short-term.
Technical analysis for XTZ/USDT
Overall, the 4-hour Tezos price analysis issues a strong sell signal with 15 of the 26 major technical indicators showing support to the bears. On the other hand, only one of the indicators supports the bulls suggesting that there is no significant buying activity occurring in the markets. Meanwhile, the remaining ten indicators sit on the fence and issue no signals at the time of writing.
The 24-hour Tezos price analysis shares this sentiment and shows 14 indicators in favor of further downwards movement against two suggesting an upwards price action across the mid-term charts. The analysis reaffirms the bearish dominance over XTZ. At the same time, ten indicators do not support either side of the market.
What to expect from the Tezos price analysis?
The Tezos price analysis shows that while the buyers seem to have taken control back of the markets, the selling pressure still weighs on the price. The bulls are currently trying to initiate a rally to recover to $4.50 but face strong resistance from the sellers at $4.20.
Currently, traders should expect the Tezos price analysis to move downwards towards the $4.00 mark as the market shows a turnover of momentum from the bulls to the bears. Similarly, the mid-term technical analyses support the bears suggesting a mid-term bearish trend continuing for the Tezos price. A downwards breakout from the $4.00 mark would mean a crash to the $3.80 mark before the bulls can find the next support.Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.