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Tezos price analysis: XTZ/USD set to break below the $2.4 support soon

Tezos Price analysis

Tezos price analysis shows a negative market sentiment seen in the market after opening the daily trading session at $2.47. The market has been trading in a descending channel since the opening, and XTZ prices have found support around the $2.4 level. The market is expected to continue its bearish trend in the near future as the bulls try to defend the key support at the $2.4 level. Tezos current trading volume is at $74,329,952.33.Tezos prices have been seen trading between a range of $2.47 to $2.60 in the last 24 hours.

XTZ remains dominating 0.13 percent of the crypto asset in terms of the market as it ranks position 43 in the entire digital asset market. The virtual currency is currently trading at $2.42, which is far from its all-time high price of over $3.65 achieved months ago when it was one of the most talked-about altcoins in the market. The Tezos market has been bearish in the short term, and XTZ prices are down by 0.96 percent today. The virtual currency is trading below its key support levels at $2.5 and $2.45, which suggests that the bearish trend is likely to continue in the near future.

Tezos price action in the 1-day price chart: XTZ prices near the resistance level

The 1-day Tezos price analysis chart suggests that the virtual currency is likely to remain in a bearish trend in the near future. The market has been facing fluctuations since mid-last year, and the current trend means that Tezos price will likely trade within a range-bound movement until any significant bullish momentum is seen at this point. The Bollinger bands are seen to be contracting, which suggests that the market is entering a consolidation phase.

XTZ prices are likely to find support around the $2.4 level, which is where the 100-day simple moving average line lies. A break below this level could see XTZ prices test the $2.35 support level in the near future. On the other hand, if bulls manage to push XTZ prices above the $2.47 resistance level, we could see an upsurge in prices that could take XTZ prices to the $2.55 resistance level.

image 10XTZ/USD 1-day price chart, source: TradingView

The MACD line and the signal line are seen to be close to each other, which suggests that there is no clear trend in the market at this point. The RSI for XTZ is currently trading at 46.03 and is seen heading towards the oversold region, which indicates that selling pressure might increase in the near future.

Tezos price action on a 4 -hour price chart: XTZ price is trading within a range

The 4-hour chart indicates that Tezos price is currently exhibiting two slowly contracting triangles. The market has been trading in a consolidation phase since mid-June and seems to be preparing for the next move. XTZ might continue its short-term bearish momentum if it breaks below the $2.4 support level. A break below this level could see the virtual currency drop to the $2.35 support level in the near future. The Bollinger bands on the 4-hour price chart are seen climbing in the market, which suggests that a breakout might happen in the near future. The moving averages are also pointing towards lower lows in the market, which implies that more bearish pressure could be seen soon.

image 9

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

On the other hand, if XTZ prices manage to break above the $2.47 resistance level, we could see an upsurge that could take XTZ prices to the $2.55 resistance level. The relative strength index is near the oversold region with a value of 33.5, which suggests that there is a possibility of the market dropping in the short term. The MACD line is seen to be below the signal line, which suggests that sellers have an upper hand in the market.

Tezos price analysis conclusion

Tezos price analysis today shows that XTZ prices are likely to continue declining as long as they remain below the $2.47 and $2.55 resistance levels. The market might find support around the $2.4 level if it declines further in the near future. On the other hand, if buyers manage to push XTZ prices above the $2.47 resistance level, we could see an upsurge that might take XTZ prices to the $2.55 resistance level.

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. 

William Suberg

William Suberg

William Suberg is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. William is a lover of sports.

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