Tezos price analysis: Bearish trend continues as XTZ /USD drops below $1.18

Tezos price analysis

TL;DR Breakdown

  • Tezos price analysis shows a negative market sentiment
  • XTZ’s price is currently trading at $1.18 after a bearish trend
  • The immediate support is found at $1.06

image 181
Cryptocurrency price heatmap, Source: Coin360

Tezos price analysis is going through a loss as the price underwent a decline up to $1.18 today. The downtrend has been quite constant since the start of today, and even now the price is following a downward movement. The reversal in trends had been quite unexpected as the bulls were leading the previous week, Nonetheless, the bears have taken charge once again and the price has been devalued. The market opened trading at $1.15 and after some consolidation, the price dropped to a low of $1.09.

XTZ/USD 1-day price chart: Bearish swing deflates price levels to $1.09

The bearish momentum has been intensifying according to the one-day Tezos price analysis. The price has been downgraded to $1.09 with a loss of 8.00% in the last 24 hours. The price had initially surged to $1.18 but encountered a rejection level, and this was when the bearish sentiment had begun to show up. The past few days have been quite discouraging for the cryptocurrency as a strong bearish trend was going on. Similar trends have been reported during the last 24 hours as well.

image 183
XTZ/USD on a 1-day price chart, Source: TradingView

The price has gone below the moving average (MA) value as well which is standing at $1.14. The RSI (Relative Strength Index) value has fallen below the 70-level as well which indicates that the bearish sentiment has taken over the market. The smooth moving average indicator is quite reliable as it indicates the current trend more accurately, and in this case, it is showing a negative sign. The MACD indicator moves downward as the signal line and the histogram both are below the zero line.

Tezos price analysis: Bearish depression results in collapse below $1.18

The 4-hour Tezos price analysis is showing signs of bearish momentum as the price decreased quite significantly. The price has been declining consistently as the cryptocurrency is showing a downward tendency. A reduction in price has been recorded in the last four hours as well as the price levels moved down to $1.09. Moving on, the moving average indicator is showing its value at $1.11 at the time of writing.

image 182
XTZ/USD on a 4-hour price chart, Source: TradingView

The 20-SMA is below the 50-SMA which is indicating a bearish sentiment in the market. The RSI indicator also shows bearish signals as it has gone below the 40-level. The MACD indicator again is below the zero line and the signal line has been dropping continuously. The moving average for the pair is dropping which suggests that the bearish trend will continue in the future.

Tezos price analysis conclusion

To conclude, the Tezos price analysis shows that a downtrend has been following since the start of today. The bears are leading the game at the moment and the price levels have been brought down to $1.09 as a consequence. A Further downfall can be expected as the bears have been dominating for the past few hours as well. The price has been persistently moving down, which means that chances of improvement for the bulls are still on the limited side.

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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