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Tezos price analysis: XTZ value depreciates to $1.64 after the bearish extension

Tezos price analysis
TL;DR Breakdown
  • Tezos price analysis is bearish
  • Support for XTZ prices is seen at $1.46
  • Tezos price analysis is currently trading at $1.64

Tezos price analysis reveals that the digital asset is currently in a bearish extension after it found resistance at $2.10. The bulls had attempted to push prices higher but failed as the market found support at $1.64.The bears are currently in control of the market, and a further decline is expected. Support for XTZ prices is seen at $1.46, and if the market breaks below this level, it is likely to head towards $1.32.On the other hand, if the bulls can push prices above $1.64, the market is likely to head towards $1.82.

Tezos price analysis has been declining, for the most part, in the days since it hit an all-time high of $3.63 on February 20th. However, prices found support at $2.10, and the bulls attempted to push prices higher but failed as the market found resistance at $2.36. The bears are currently in control of the market, and a further decline is expected.

The cryptocurrency has a market trading volume which is at $ 308,928,398, with a market capitalization of $ 1,387,747,611. The digital asset is currently trading at $1.64, which is a 4.05% decline in the last 24 hours. Prices have declined by 12.88% in the last 7 days and are down by 25% in the last 30 days.

image 192
Cryptocurrencies prices heatmap, Source: Coin360

XTZ/USD 1-day price chart: Bears mount pressure on XTZ prices

The 1-day Tezos price analysis shows that the XTZ/USD has been on a downtrend last 24-hours. The next few hours of trading are crucial for the market as the market is expected to make a move in either direction. If the bulls can push prices above $1.64, the market is likely to head towards $1.82. On the other hand, if prices break below $1.46, it is likely that the market will head towards $1.

image 191
XTZ/USD 1-day price chart, Source: TradingView

The RSI indicator is currently at 41.58, and it is indicating that the market is in the bearish territory as the RSI indicator is below the 50-level. The MACD indicator is currently in the bearish zone as well, which further confirms that the market is in bearish momentum while EMA 12 is currently trading below EMA 26. and currently, XTZ is trading at $1.64.

XTZ/USD 4-hour price analysis: Recent development and further technical indications

The 4-hour Tezos price analysis reveals that the market has been on a downtrend in the past few hours as the market found resistance at $2.36. The market is currently trading at $1.64 and is expected to make a move in either direction in the next few hours. The prices are in a declining trendline as well, which further confirms that the market is in a bearish trend with the increased red bars of the candlesticks which affirms the strong bearish spree.

image 190
XTZ/USD 4-hour price chart, source: TradingView

Currently, XTZ is trading at $1.64 and is expected to make a move in either direction in the next few hours. The prices are currently trading below the 50-day moving averages and the 200-day moving averages, which is a sign that the market is in a bearish trend. The RSI indicator is currently at 41.58 and is indicating that the market is in bearish territory as the RSI indicator is below the 50-level. The MACD indicator is currently in the bearish zone as well, which further confirms that the market is in bearish momentum.

Tezos price analysis conclusion

Tezos price analysis is bearish, and a further decline is expected in the market. The market is expected to find support at $1.46, and if prices break below this level, it is likely that the market will head towards $1.32. On the other hand, if the bulls can push prices above $1.64, the market is likely to head towards $1.82.Traders should wait for a clear breakout or breakdown before taking a position in the market. However, if the market manages to break above $1.64, the market is likely to head towards $1.82.which will lead to a bullish market.

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.
Editah Patrick

Editah Patrick

Editah is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates her, she finds the intersection of both technology and finance mind-blowing. Her particular interest in digital wallets and blockchain aids her audience.

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