- Tezos coin price is facing a severe downfall in today’s market.
- The altcoin is having an overall loss of -02.00% bringing the current price level to $2.70.
- The downtrend may result in the price to reach the crucial resistance level of $3.00.
Tezos price has started showing negative momentum in the market since facing heavy price recovery for a while. Reaching its crucial resistance level of $2.90 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.
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 tezos. The current price is $2.72 with the market capitalization of $1,931,452,772 with 24h volume traded of $167,215,958.
Tezos Price Analysis
The technical chart reflects on the bullish 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 favour XTZ bulls.
RSI is reaching to the bearish level of 40. However, it is vulnerable to the oversold region which may provide it with a positive divergence.
CCI is attempted for the overbought region after a positive divergence from the normal territory. This indicates that tezos 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 tezos due to the bearish cross developed in the bullish zone. It also indicates that there is potential that XTZ may face heavy selling in upcoming days or so.
Resistance levels: $3.00
Support levels: $2.50
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.