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Tezos price analysis: XTZ faces trouble amid a recovery at $2.82

Tezos price analysis XTZ faces trouble amid a recovery at

TL;DR Breakdown

  • Tezos price is bullish.
  • Resistance for XTZ is present at $2.94.
  • Support for XTZ is present at $2.38.

As per the latest Tezos price analysis, bulls have made a return on the price chart as a rise in price has been detected. The situation has been favorable for the buyers as the price has been covering an upwards range today. A steady decline in price levels was observed for the past few days, but the circumstances are different now, and the price function is in the bulls’ control today. The upward movement of the price action has resulted in it reaching $2.80 in the last 24-hours. However, selling pressure has arisen again, as the price is under correction at the moment.

XTZ/USD 1-day price chart: Bulls strive for the lead as price levels show recovery

The 1-day price chart for the Tezos price analysis gives the lead to the buyers to secure their winning position as the price has increased up to $2.80 today. In the past few days, a considerable level of depreciation in the coin’s value has been reported as the price has decreased notably over the past week. The losses have been considerable, but now a chance for recovery has arisen. The price function has been striving to rise above the lower limit of the volatility indicator, and the moving average (MA) is present at the $2.99 level, far above the current price.

Tezos price analysis: XTZ faces trouble amid a recovery at $2.82 1
XTZ/USD 1-day price chart. Source: TradingView

The Bollinger band indicator on the 1-day chart shows a mild volatility range for the coin as it suggests the following values; the upper limit is at the $3.34 mark, whereas the lower limit is at the$2.807 mark, and the price hasn’t recovered above the lower limit yet. The price underwent a noticeable decline during the past few weeks, but today, the bulls have taken the initiative again. The Relative Strength Index (RSI) shows a slight upwards curve after being on a downslope for a few days. The RSI curve, however, has traveled up to index 36.

Tezos price analysis: Recent developments and further technical indications

The 4-hour price chart for Tezos price analysis shows the other side of the picture, as the uptrend seen on the 1-day price chart has undergone a reversal, as a downturn in price has been observed during the last eight hours. The bears have made a comeback again in the past few hours and have been degrading the coin value continuously. The cryptocurrency has been devalued back to $2.8 after the trends underwent a different shift recently. However, the balance of power is still on the bullish side as the price is still trading on the upper side.

XTZUSD hour price chart
XTZ/USD 4-hour price chart. Source: TradingView

Now the bullish trend has been overturned. The volatility is still high if considered on an hourly basis, as now the upper Bollinger band is at $3.0, representing the resistance for XTZ, and the lower Bollinger band is at $2.7, representing the support. The RSI score is going down again as the RSI curve is slightly downwards now, and the indicator is present at index 37 as a result of the sudden downfall in price.

Tezos price analysis conclusion

The Tezos price analysis suggests the trend is still bullish overall for today. However, it can be observed that the price has been trading in the lower price envelope of the last 10 months, and the bearish momentum has been gaining strength over the past few days, which has affected the coin’s value adversely. The recovery reported today is nominal, and the 4-hour chart shows unfavorable results. If the selling pressure continues, the chances of today’s bullish revival may wash out. But on the other hand, there is a possibility for the bulls to make a comeback, and the price may recover up to the $2.9 range.

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.
Aamir Sheikh

Aamir Sheikh

Amir is a media, marketing and content professional working in the digital industry. A veteran in content production Amir is now an enthusiastic cryptocurrency proponent, analyst and writer.

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