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Tezos price analysis: XTZ prices consolidate around $2.56 amid bearish winds

Tezos price analysis 2
TL;DR Breakdown
  • TEZOS price analysis is bearish.
  • XTZ is currently facing resistance at $2.59.
  • support for XTZ is currently at $2.41.

image 24
Cryptocurrencies prices heatmap, source: Coin360

The Tezos price analysis for today shows a negative market sentiment as the prices set a lower high of $2.59 and a lower low of $2.51. The market is currently trading between the two levels of support and resistance as it looks to establish a new direction. The market is preparing to test the support for more downside with the current bearish setup looking grim. However, a break above the resistance at $2.59 and a move to $3.00 could solve the bearish scenario.

Tezos price analysis shows that XTZ is down 1.03% in the last 24 hours. The current CoinMarketCap ranking is #42, with a market cap of $2,289,802,667.Tezos has been relatively trading around a $2.50 handle in the last few days, trading within the range of $2.56-$2.59. However, market sentiment has turned bearish as we start to see signs of a wider cryptocurrency market pullback. XTZ is facing resistance at the $2.56 level and will likely need to dip lower before we see any strong bullish momentum.

Tezos price analysis in the 24-hr price chart: XTZ prices face resistance at the 2.59 handle

Tezos price analysis on the 1-day timeframe shows that a 0.15 percent decline has been in place, and the price appears to be crossing over the moving average’s curve, indicating a bearish trend. It clearly demonstrates that the meme cryptocurrency has been in a severe negative trend in recent days, but is now exhibiting signs of a turnaround as the price begins to move towards the resistance. The RSI indicator confirms this, as it is in the oversold zone but still close to the 50 regions.

image 22
XTZ/USD 1-day price chart, source: TradingView

The Bollinger bands on the 1-day price chart are also diverging, which is a sign that XTZ might be due for a price reversal in the near future. The Tezos price has been following a descending channel since mid-May and is currently trading close to the bottom of the channel. The market sentiment is bearish and XTZ will likely need to dip lower before we see any strong bullish momentum. The MACD line is in bearish territory and the signal line is crossing over the MACD line, signaling a potential downward correction.

Tezos price action in the 4-hr price chart: Recent developments and further technical indications

The 4-hour price chart for XTZ/USD indicates that the cryptocurrency has been trading at $2.55, as of now it’s been hanging around the resistance level and is facing an easy time breaking through .it is also clearly seen that there has been an uptrend of in the past 4 hours. The moving averages shown by the yellow line indicate a bullish crossover as the price starts to move above the curve. The MACD line is currently towards the lower side of the oscillator, indicating a bearish crossover.

image 23
XTZ/USD 4-hour price chart, source: TradingView

The RSI indicator is currently at $45.03, indicating that the market is moving in the right direction and will likely move higher in the upcoming extremes. The Bollinger band indicator, on the other hand, shows the upper band at $2.73 and the lower band at $2.40, acting as the major support. These indicators suggest that the market sentiment is bearish and that XTZ is likely to dip lower in the near term before we see any strong bullish momentum.

Tezos price analysis conclusion 

Overall, Tezos price analysis indicates it appears XTZ prices are now facing resistance at this level and may need to rise further before we see any significant bearish momentum. As we begin to see symptoms of a bigger decline in the cryptocurrency market, the attitude has shifted to bullish. Tezos, on the other hand, is exhibiting some relative stability and is expected to remain range-bound in the immediate future. However, a clear bearish signal will be triggered if the XTZ price drops below $2.50.

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. 

John Palmer

John Palmer

John Paul is an enthusiastic crypto writer with an interest in Bitcoin, Blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience.

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