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Tezos price analysis: XTZ downward biased towards $3.4

XTZ

TL;DR Breakdown

  • Tezos price analysis is bullish today.
  • The strongest resistance is present at $3.5.
  • The strongest support is present at $3.2.

The Tezos price analysis is bullish as the cryptocurrency has experienced a fluctuating movement in the past few days. Bulls are trying to engulf the market as all their efforts are in vain, and the coin value fell from $3.5 on March 25, 2022, and capped at $3.4; bulls continue to rule the market today; however, a price decline is imminent. The market has shown bearish possibilities. The price for XTZ is currently available at $3.4, struggling with just the $3.5 mark.

XTZ has been up 0.34% in the last 24 hours, with a daily trading volume of $114,281,791 and a live market cap of $3,101,508,890. XTZ ranks #47 on the cryptocurrency ranking.

XTZ/USD 4-hour price analysis: Recent developments

The Tezos price analysis revealed that the market volatility is decreasing, making the XTZ/USD prices subject to change are more likely to experience the difference. The upper band value of Bollinger’s band is available at $3.5, which serves as the strongest resistance for XTZ. Conversely, the lower limit of the Bollinger’s band is present at $3.2, which serves as the strongest support for XTZ.

The XTZ/USD price appears to be crossing under the curve of the Moving Average, signifying a bearish trend. On the other hand, the XTZ/USD price path seems to be moving downward, representing a declining market with further possibilities of bearish movements.

Tezos price analysis: XTZ downward biased towards $3.4 1
XTZ/USD 4-hour price chart source: TradingView

The Relative Strength Index (RSI) score is 57, signifying that the cryptocurrency falls in the stable region, specifically in the upper neutral area. This is because the buying activity exceeds the selling activity. As a result, we can see the RSI score following an upwards movement.

Tezos price analysis for 1-day: Market almost breaks

The Tezos price analysis for one day reveals the market volatility follows an increasing trend signifying that the price is more prone to experience variable change as the volatility fluctuates more. The upper limit value of the Bollinger’s band is present at $3.5, which serves as the strongest resistance for XTZ. Conversely, the lower limit value of the Bollinger’s band is available at $2.7, which acts as the strongest support for XTZ.

The XTZ/USD price appears to be crossing over the curve of the Moving Average, indicating a bullish movement. The market trend has been maintaining a bullish trend for the last couple of days. However, the XTZ/USD price path appears to be moving upwards, showing signs of going downward soon, which signifies that the market may soon undergo a complete reversal.

Tezos price analysis: XTZ downward biased towards $3.4 2
XTZ/USD 1-day price chart source: TradingView

The Relative Strength Index (RSI) score is 57, showing a stable value falling neither undervalued nor overbought, falling in the upper neutral region. The RSI path appears to be following a declining trend which may indicate future depreciation in the value of XTZ while moving towards devaluation. The RSI score seems to be decreasing due to the selling activity outweighing the buying activity.

Tezos Price Analysis Conclusion

Careful observations from the Tezos price analysis can deduce that the price level is still under bullish dominance. Still, a reverse trend is highly likely as the bears have recovered in the past few days. Although the price remains in bullish dominion, there is speculation that XTZ will soon plummet as the bears get ready to counter the bulls.

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. 

Narmin

Narmin

Narmin is a passionate fintech writer and blockchain enthusiast backed by extensive experience in psychology and statistics.

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