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Tezos price analysis: XTZ fails to sustain the rebound, falls below $1.6 support

Tezos price analysis
TL;DR Breakdown
  • Tezos price analysis shows a bearish market trend
  • Tezos prices have sought support at $1.45
  • XTZ’s current price is $1.55

 

Tezos price analysis shows the prices are currently testing the $1.6 resistance. The XTZ/USD pair is currently trading at $1.55, a decline of 3.82 percent. The market trend is bearish, and prices are expected to fall below the $1.45 support levels in the near term. Tezos price analysis shows that the current rebound is losing steam and the bears are back in control. The market is expected to correct lower in the near term as the bulls struggle to hold on to gains.

Tezos price movement in the last 24 hours: Bearish trendline on the daily chart

Tezos price analysis over the last 24 hours reveals a bearish market trend. The XTZ/USD pair is down by 3.82 percent, and prices have traded in a range of $1.54-$1.6.The trading volume for XTZ is $81,282,169.17, and the total market capitalization is $1.3 billion. The market trend is bearish as prices have failed to sustain the rebound and have fallen below the $1.6 support levels. Tezos currently dominates 0.15 percent of the overall market as it ranks in position 36 which is a slight decline from its previous ranking in the last two weeks.

The moving averages line on the XTZ/USD pair is sloping downwards. The moving averages line on the XTZ/USD pair is sloping downwards, and this indicates that the market trend is bearish. The 50-day MA is at $1.75, and the 200-day MA is at $2.15. These levels are expected to act as strong resistance levels in the near term. Tezos prices are currently trading below both the moving averages which is a bearish sign.

image 393
XTZ/USD 1-day price chart. Source: TradingView

The RSI indicator on the XTZ/USD pair is at 36.86. The RSI indicator on the XTZ/USD pair is at 36.86, and this indicates that the market is oversold. Prices are expected to correct higher in the near term as the RSI indicator turns upwards from these levels.

The MACD indicator on the XTZ/USD pair is bearish. The MACD indicator on the XTZ/USD pair is bearish, and this indicates that prices are likely to fall in the near term. The market is expected to correct lower as the MACD indicator turns downwards from these levels.

The market volatility for XTZ is high, and this indicates that prices are likely to remain volatile in the near term. The Bollinger bands are seen to be wide but seem to contract which is a sign that prices may witness a period of consolidation in the near term. Tezos prices are expected to fluctuate between the $1.45-$1.6 levels in the near term.

Tezos price analysis on 4-hour chart: Bearish trend likely to continue

Tezos price analysis on the 4-hour chart shows that prices have fallen below the $1.6 support levels and are currently trading at $1.55. The market trend is bearish, and prices are expected to fall further in the near term as the bears remain in control. Prices have found support at $1.45, and a break below this level may see prices decline towards the $1.35 level.

The technical indicators are showing bearish signals. The RSI line is currently residing in oversold regions while the MACD line is crossing the red signal line from above. This indicates that the market is likely to continue its bearish trend in the near term as prices seek support at lower levels.

image 394
XTZ/USD 4-hour price chart. Source: TradingView

The Bollinger bands are seen to be contracting which is a sign of consolidation. Prices are expected to remain volatile as the market awaits fresh catalysts. The ATR for XTZ is currently at 0.0494, and this indicates that prices are likely to remain volatile in the near term.

Tezos price analysis conclusion

Tezos price analysis sums up that the prices are currently trading in a bearish trendline, and further losses in prices are imminent. The bears are seen to be adamant in pushing the prices below the $1.55 level which is expected to act as the closest support level. However, the bulls have come out to defend the $1.5 level as witnessed on the daily chart.

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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