Tezos Price Analysis: XTZ Bears Awaken After Reaching Critical Resistance

Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.
  • Tezos price has been facing a downward trend of -6.03% with the current XTZ price of $3.04.
  • The question among the traders is whether the positive momentum built by XTZ bulls have come to end with the overall bearish market?

Source: Tradingview

As observed from the graph, Tezos has made significant positive momentum from the starting of the month. But soon after reaching a critical resistance point of $3.50, it faced bearish momentum. The small rising slopes in bearish momentum indicates that XTZ bulls are still in a purse to gain momentum again in the cryptomarket.

Source: Tradingview

The charts reflect on the downtrend face by XTZ for the past two days. Breaking the mark of $3.00, it went down to the low of $2.80 which acted as a support level. The bearish momentum in the market has resulted in Tezos price to go below and above $3.00 at multi-time. It reached its day-high which was $3.25 and went back again to $3.00 level.

This majorly indicates that the resistance and support levels of the altcoin are playing a major role in the current downtrend. This means that the bulls may have changed to get a comeback from here.

The technical indicators support XTZ bulls. RSI is able to sustain itself in the positive zone after reaching oversold territory. CCI also faced oversold conditions twice in the day but somehow able to get to the positive zone currently. MACD levels indicate that strong buying and selling phase is going for the altcoin

Resistance Levels: $3.25 and $3.50

Support Levels: $2.80 and $3.00

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