Bears mount pressure as XTZ prices remain locked below $4.0
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TL;DR Breakdown
- Tezos price analysis shows a bearish trend
- XTZ prices are facing rejection at the $3.30
- Tezos prices have seen support at $3.0
Tezos price analysis for today shows a bearish trend that has seen XTZ prices trade below the $4.0 level. XTZ prices have declined by 1.85 percent as the prices have been hovering between a range of $3.07 and $3,28 over the last 24 hours. The current market sell-off has seen XTZ trading volume increase by over 12 percent as investors take profits. The market capitalization is currently at $2.86 billion, and the 24-hour trading volume is at $98 million.
Tezos price analysis over the past 24 hours shows that the market has been on a downward spiral as the bearish trend continues. The market saw a rejection at the $3.30 level as the prices failed to break out of the descending channel. The market is currently trading at $3.22 and is facing strong resistance at the $3.30 mark. The market is expected to see a further downside as the bears mount pressure on the prices.
XTZ/USD daily chart: Bears in control as Tezos prices fail to breakout
Tezos prices have been on a downtrend since the beginning of the year, losing over 50% of their value. The market has seen some respite over the past few days as prices found support at $3.0. However, the bulls have failed to capitalize on this and push prices higher. The prices have been oscillating near the $3.2 level for the past few days as both bulls and bears battle for control of the market.
The market is currently trading below the 50-day and 200-day moving averages, which show that the bearish trend is still intact. The MACD indicator is currently in bearish territory as the prices fail to see any bullish momentum. The RSI indicator is currently at the 40 level, which shows that the market has room to fall further.
Tezos price analysis on a 4-hour price chart: XTZ prices face rejection at the $3.30 level
Tezos prices are currently facing rejection at the $3.30 level as the bearish trend continues. The market has seen some support at $3.07, and a further downside is expected. The market is expected to find support at $3.0, and a further decline will see prices test the $2.8 level.
The 50-day and 200-day moving averages have been trending downwards, which shows that the bearish trend is still intact. The MACD line is residing below the signal line, which shows that the market has more room to fall. The RSI indicator is currently at 38 and is showing no signs of a bullish reversal. Moreover, the Stochastic indicator is currently in the oversold region and is expected to see a bullish crossover.
Tezos price analysis conclusion
Tezos price analysis for today reveals the downtrend is still intact as prices continue to face rejections at the $3.30 level. The market is expected to find some support at $3.0 and a further decline will see prices test the $2.8 level. The bulls have come out to defend the key support level of $3.0, and a further move to the upside will see prices retest the $3.30 level. In the next few hours, the bears are expected to mount pressure on the prices as the market tests the key support levels.
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.
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