Tezos (XTZ) Price Analysis: Tezos Coin Price Faces Downtrend Due To Resistance Of $2.80

  • Tezos coin price is facing a severe downfall in today’s market. 
  • The altcoin is having an overall loss of -05.60% bringing the current price level to $2.60.
  • The downtrend may result in the price to reach the crucial support level of $2.50. 

Source: Coinmarketcap

Tezos have started showing negative momentum in the market since facing heavy price recovery for a while. Reaching its crucial resistance level of $2.80 can be one of the reasons for the bearish momentum. However, it is still looking a little bearish for the short term but has a positive future for long term investments.

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Now the altcoin is looking forward to sustaining the crucial mark of $2.50 in order to confirm the sustainability of XTZ bulls in the market. A successful break above the crucial mark of $3.00 will provide a huge advantage to the cryptoasset. The current price is $2.65 with the market capitalization of $1,808,452,772 with 24h volume traded of $283,215,958.

Screenshot (264)
Source: Tradingview

The technical chart reflects on the bearish momentum made by XTZ bulls from the starting of the previous month. It started the year with a price of $1.35 and went to the highest at $3.90. It attempted to cross the $4.00 mark in which it failed miserably and resulted in the downfall of the prices.

The technical indicators and oscillators somewhat favor XTZ bears.

RSI is reaching to the neutral level of 50. However, it is vulnerable to the oversold region which may provide it a positive divergence.

CCI is attempted for the oversold region after a negative divergence from the peak of normal territory. This indicates that XTZ cannot be able to sustain on the bullish momentum built in this month and crossing the price level of $3.00 can quite be a challenge for the altcoin.

MACD levels also indicate a strong bearish phase for the altcoin due to the bearish cross developed in the bullish zone. It also indicates that there is potential that XTZ may face heavy buying selling in upcoming days or so.

Resistance levels: $2.80

Support levels: $2.50 and $2.20

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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.

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