Tezos price analysis shows bearish price movement today, with XTZ/USD stuck in a downward loop. XTZ suffered considerable damage as the price has sunken down to $1.39 after following the most recent downtrend. As the bears are making progress now, the next support for XTZ is present at the $1.36 level. In the event of a bullish reversal, XTZ faces resistance at $1.43. However, the overall market sentiment remains bearish with no major developments or announcements from the Tezos team to drive prices higher.
The broader crypto market is under a bearish spell today. The majority of cryptocurrencies, including Bitcoin, Ethereum, and most of the top altcoins, are all under heavy correction, resulting in losses for XTZ.
XTZ/USD 1-day price chart: Tezos price levels continue sinking
The 1-day Tezos price analysis shows a price drop today as selling pressure triggered again. After a significant decrease in XTZ/USD pair price for the past 24 hours, bears have continued their lead, and the crypto pair is now trading at $1.39 at the time of writing. XTZ shows a 2.80 percent loss of value during the last 24 hours, but it still shows an increase in value of around 14 percent over the past week, which will soon turn negative in the coming hours. The MA indicator shows a bearish crossover, with the 50-day MA above the 200-day MA, indicating a further price drop in the near term.
The volatility is high for the XTZ/USD pair, as the Bollinger bands indicator suggests, but now the volatility is decreasing as the Bollinger bands are converging. The upper band is present at the $1.47 mark, and the lower band is present at the $1.30 mark. The relative strength index (RSI) is trading in the lower half of the neutral zone on a downward curve, indicating the selling activity taking place in the market. The curve of the RSI indicator has reached an index of 51.74.
Tezos price analysis: Bears in control of the market
The 4-hour price chart for Tezos price analysis shows bearish progress in the last four hours as price levels continue decreasing, after the price breakout being downwards at the start of today’s trading session. Bears seem to be gaining strength as selling pressure continues to rise, and the coin hasn’t found support yet. The price function has been headed downwards for the last 24 hours as the coin is under a strong correction.
The volatility is increasing on the 4-hour chart as the upper Bollinger band is present at the $1.48 mark, and the lower band is currently located at $1.35. Indicating buying and selling pressure respectively, the RSI indicator marks index 49.47 on a downward curve, showing that bears are prevailing in XTZ/USD trades currently. The MA indicator on the hourly chart is currently at $1.39, suggesting a bearish trend for XTZ/USD pair as the price is currently trading below the indicator.
Tezos price analysis conclusion
Tezos price analysis reveals a bearish trend, as no bullish activity has been observed today. Most of the technical indications are also favoring the bearish side. The bearish trend may intensify further if its support levels are broken, and XTZ may see a decrease in value toward the $1.30 mark. On the other hand, if bulls manage to take control, XTZ/USD may face resistance at $1.43.
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