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- The crypto market has witnessed another red day for the top-performing altcoin today.
- Going below the mark of $3 hasn’t been good for XTZ since it is facing -13.43% loss in today’s market.
As the pricing graph for the current day shows, XTZ started with a price of $2.80 in today’s market. It went down to the level of $2.50 which acted as a support level and pushed the current price to $2.61.
The market capitalization is of $1,832,741,549 and the 24H volume traded is of $ 108,772,405. XTZ pairs have been also showing signs of weakness as XTZ/BTC is also down by -4.93%. The pair broke the mark of 0.00030 BTC and went down to 0.00028 BTC currently.
After making a failed attempt to cross the major mark of $4, tezos have suffered an 18% loss in 7 days. Despite severe loss and weakness, tezos has held its position on the 10th in terms of market capitalization in the world’s largest cryptocurrencies list.
The technical chart reflects on the bullish momentum which made tezos one of the top-performing altcoins of the year which is followed by the ongoing downtrend in the market.
The technical oscillators suggest that there is more downfall to come for the altcoin. RSI has reached the oversold region and is about to be at the level of 20 for the first time this month.
CCI has been in the oversold region too since the past two days which is sufficient to prove the large downtrend magnitude for the altcoin. MACD levels also indicate that there is strong ongoing selling volume for XTZ and can sustain in the market for a while.
Tezos have a major support level of $2.00 which can provide the bullish momentum that is strongly needed. If it gains positive momentum soon, the resistance mark will be at $3.20
Resistance levels: $2.80 and $3.20
Support levels: $2.00 and $1.60
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
