XTZ prices bearish for the next 24 hours
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TL;DR Breakdown
- Tezos price analysis is bearish
- Support for XTZ prices is seen at $2.8
- Tezos prices are currently trading at $3.00
Tezos price analysis today shows a bearish market sentiment established after an intra-day high was reached at $3.17. The coin has since pulled back to the $3.00 level and is currently trading within a descending channel. This bearish move could see XTZ prices retesting support at the $2.8 level in the next 24 hours. The cryptocurrency is facing a major resistance at the $3.2 level.
Tezos prices have been doing well in the market for the past few days after reaching an all-time high of $3.78. This price rally was short-lived as prices have since pulled back to the $3.00 level, where it is currently trading. The market sentiment for XTZ is bearish as the coin has formed a descending channel. The trading volume for XTZ has been on the rise over the past 24 hours, and this could be an indication of more bearish price action in the market which is now totaling $97,427,502.27 while the total market capitalization is at $2,445,807,537. The digital asset is seen to be dominating 0.15 percent of the entire cryptocurrency market as it ranks position 45 overall.
Tezos price action on a 1-day price chart: Bears mount pressure on XTZ prices
The Relative Strength Index indicator, currently at 46.65 is seen sloping downwards which could be an indication of more bearish pressure in the market for the digital asset. The MACD is still bearish as the signal line (blue) is seen to be sloping above the MACD line (red). The Bollinger bands are also seen to be widening which could be an indication of increased price volatility in the market.
The next few hours of trading for XTZ will be crucial as a breakout from the descending channel could see price testing resistance at the $3.2 level. However, if XTZ prices break below support at $2.8, we could see the coin retesting support at the $2.6 level in the next 24 hours.
XTZ/USD 4-hour chart: Descending channel formation
Tezos is currently trading at $3.00 after an intra-day high was reached at $3.17. The cryptocurrency has since pulled back to the $3.00 level and is currently trading within a descending channel. This bearish move could see XTZ prices retesting support at the $2.8 level in the next 24 hours. The digital asset is facing a major resistance at the $3.2 level. The Bollinger bands are seen to be converging which could indicate a decrease in market volatility.
The 4-hour chart for XTZ shows that the market sentiment is currently bearish as prices have formed a descending channel. The Fibonacci Retracement tool placed on the chart shows that XTZ prices have retraced 50 percent of the last bullish move from a low of $2.31 to a high of $3.78. This price level is seen as major support for the coin, and a break below this level could see XTZ prices testing support at the $2.6 level. The RSI indicator is currently at the 46.65 level and is seen sloping downwards which could be an indication of more bearish pressure in the market for the digital asset. The MACD is still bearish as the signal line (blue) is seen to be sloping above the MACD line (red).
Tezos price analysis conclusion
Tezos price analysis shows a negative market sentiment in the market as prices have pulled back from the all-time high of $3.78 to the current level of $3.00. The cryptocurrency is currently trading within a descending channel and a break below support at $2.8 could see XTZ prices retesting support at the $2.6 level in the next 24 hours. However, if prices break out of the descending channel, we could see XTZ prices testing resistance at the $3.2 level.
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