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Tezos price analysis: XTZ/USD set to break below the $1.5 support as bears push lower

Tezos price analysis
TL;DR Breakdown
  • Tezos price analysis is bearish.
  • XTZ/USD is currently trading at $2.42.
  • Closest Resistance is found at $3.5.

Tezos price analysis indicates that the coin is now in a bearish market trend. XTZ/USD is presently trading at $1.72 and has strong resistance at $2.5. The Tezos coin’s next support level is $2, where it may fall to $1.5 if the price breaches this level in the near term. Tezos short-term and long-term outlooks are negative.

Today XTZ/USD pair began the daily chart on a positive trend. It traded in head and shoulder trends to the intraday highs found at $1.9 before facing resistance from the might bears and sellers. The coin pullback to the lows of $1.742, where it found support, and buyers stepped in to push for upward momentum. The market is currently trading in a descending channel formation as XTZ/USD awaits a breakout catalyst.

Tezos price movement in the last 24 hours: Indicators are bearish on XTZ/USD

XTZ/USD pair is trading below the 9-day and 21-day moving averages, which indicates that the market sentiment is bearish. Also, the RSI indicator is around level 40, which shows that the market has room to move lower.

xtz usd 1d
Source: TradingView

The Balance of power index is on the negative side, which indicates that the bears are in control of the market.

The Tezos price analysis shows that the coin is currently in a bearish trend as XTZ/USD is trading below the $3 resistance level. The coin’s next support level is found at $1.45, where it may fall to $1.4 if the price breaches this level in the near term. However, if the price sustains above the $1.72 support level, it may rise to retest the $3 resistance level.

XTZ/USD 4-hour chart: XTZ/USD trading in a descending channel

On the 4-hour chart, the Tezos price is trading in a descending channel formation, waiting for a breakout catalyst. The market is presently priced a little under the middle line of the Bollinger Bands. The RSI indicator is at level 45, which indicates that the market has room to move lower.

xtz usd 1h
Source: TradingView

The MACD indicator is on the verge of a bearish crossover as the signal line is about to cross below the histogram, which indicates that XTZ/USD might correct lower in the near term.

The RSI indicator is close to the overbought levels, indicating that the price might lower in the near term. KINSKI Multi Trend Oscillator is on the negative side, which indicates that the market is in a bearish trend.

Tezos price analysis: Conclusion

In conclusion of Tezos price analysis, XTZ/USD is bearish today, and the negative trend is expected to continue in the near term as the coin tests the $1.85 support level. However, if the price sustains above the $1.92 support level, it may rise to retest the $3 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.

Moses Kimathi

Moses Kimathi

Moses is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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